Because things aren't going to plan, it doesn't always mean it's...

Because things aren't going to plan, it doesn't always mean it's negative.
The fact is that we don't know.
Anything is possible at the moment but for NMDC to back out seems like it would be a straightforward 'no' from the board which they have not done.....so far. It seems to me less likely that the deal is dead.
And if we look at the Indian strategic direction on steel, it would be surprising they would dismiss this opportunity for such a small outlay in their terms.
I am quietly confident that when it all comes out in the wash, there is an even bigger golden goose in the offering. Alternatively they may be squeezing ECT to submission. The indian business reputation for operating in the manner precedes them.
I'm hoping for the former.