Mr Nittin Johari CFO of Bhushan Steel said that Bhushan Steel hasn't yet finalized a deal with Japan's Sumitomo Metal Industries to offer stake in its steel project in West Bengal.

Mr Johari said that "There are many issues. Valuation is not the only issue." He added that the land acquisition for the project was not an issue for the deal to close.

Bhushan Steel had announced in December 2009 that Japan's third largest steel maker may buy a 26% to 40% stake in the West Bengal venture to build a 3 million tonnes steel plant that will cost INR 200 billion.

(Sourced from www.reuters.com)