The latest extension of Long Stop Date (LSD) for the deal was announced on May 25 to June 30, 2016 for completion of the deal on the request of the Malaysia-based buyer.
In a regulatory filing, BILT said: "Since the transaction has not been consummated within the above long stop date, BPH has terminated the SSA and is invoking the performance guarantees of $50 million furnished by the buyer," the company informed BSE.
SFI is controlled by Ballarpur Paper Holdings BV (BPH), a step down subsidiary of Ballarpur Industries.
As per share sale agreement (SSA), Pandawa Saktihas had to pay $50 Million as an advance by June 3, 2016 and pay the balance equity consideration to acquire 50 per cent equity of SFI by June 30, 2016.
The calling off of the deal comes after several extensions of the deadline. On February 8, 2016 BILT had said it had been extended to February 29 and then to March 31. Then on April 4, the company said that it has extended it to May 16, 2016 on buyer's request.
On May 25, the company informed that it has again extended LSD to June 30, 2016 to acquire 50 per cent equity of SFI by the Malaysian firm.
Last September, Ballarpur Industries had announced that its subsidiary Ballarpur Paper Holdings BV would sell entire 98.08 per cent stake in its Malaysian arm Sabah Forest Industries for USD 500 million (about Rs 3,307 crore).
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.