Shares of JSW Steel will be in focus on Friday amid a report suggesting the largest domestic steelmaker in terms of capacity has slowed down the process to acquire a stake in the steelmaking coal unit of Canada-based Teck Resources. Quoting a source close to the discussions, the report by Reuters suggested that discussions between JSW Steel and Teck over the stake sale had slowed down, though work on the paperwork was going on.
"We will wait until the issue subsides," the source told Reuters, declining to be identified. The Reuters report noted that the Teck had twice rejected an unsolicited $22.5 billion bid for the entire company from global miner and trader Glencore. In July, the Vancouver-based company said it had received offers from 'various' interested parties for its coal business.
JSW Steel, Reuters noted, is among the largest customers of Teck's coal business.
To recall, BLS International Services that offers visa, passport, e-visa, consular, attestation, biometric, e-governance and retail services, on Thursday said Indian visa services in Canada were suspended till further notice due to operational reasons.
There has been a escalation in diplomatic row between India and Canada after the latter accused the involvement of the government of India in the killing of a Khalistani separatist based in Canada.
The Canadian PM Justin Trudeau talked about 'credible allegations' behind the same India and maintained his view on Thursday, but is yet to offer evidence regarding the same. India, on the other hand, rejected the 'unsubstantiated' allegations and asked the Canadian Embassy to downsize its strength in India. Before this, India, in a tit-for-tat move, asked a Canadian diplomat to leave the country.