The Aditya Birla Group chairman said the deal "didn't make sense financially" as the valuations were too expensive for them.

India's Oil Minister Hardeep Singh Puri told the World Economic Forum in Davos on Tuesday that a crude oil price of $110 a barrel was not sustainable

The intent is to “find a financial partner or a sleeping partner” to invest in the company, says the Aditya Birla Group chairman.