The Kuwaiti firm, whose seven truck driver, including three Indians, are being held hostage in Iraq by a militant group, has wound up its operations in the country.

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"The Kuwait Gulf and Link has decided to halt activities in Iraq completely," KGL spokeswoman Rana Abu Zaineh told the Dubai-based Al-Arabiya television station.

"We do not have at the moment any presence in Iraq," she added.

The militants had on Thursday promised to set the hostages free if KGL pulled out of Iraq.