JSW Energy, Adani Power submit EoIs for bankrupt Monnet Power
6 years, 6 months ago

JSW Energy, Adani Power submit EoIs for bankrupt Monnet Power

Live Mint  

Mumbai: JSW Energy and Adani Power have submitted expressions of interest for bankrupt Monnet Power, two people aware of the development told Mint. Monnet Power Co. Ltd was incorporated in 2007 for setting up a thermal power plant of 1,050 megawatts, backed by a pit head captive coal mine in Angul, Odisha. State Bank of India, Punjab National Bank, UCO Bank, ICICI Bank and IDBI Bank are among the prominent lenders to Monnet Power, which is an 88% subsidiary of the listed Monnet Industries. In 2016, lenders to Monnet Power had rejected an offer from Sajjan Jindal-promoted JSW Energy as they were unwilling to take a haircut on their loans.

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JSW Steel, promoters acquire around 88% stake in bankrupt Monnet Ispat after NCLT approves Rs 2,875 cr bid
6 years, 4 months ago

JSW Steel, promoters acquire around 88% stake in bankrupt Monnet Ispat after NCLT approves Rs 2,875 cr bid

Firstpost  

Monnet Ispat, once one of the country’s foremost steelmakers, ran a successful coal-based sponge iron plant with an annual capacity of 1.5 million tonnes in Chhattisgrah New Delhi: JSW Steel and its promoters have acquired around 88 percent stake in the Monnet Ispat and Energy Ltd following completion of the insolvency resolution proceedings, MIEL said Tuesday. The National Company Law …

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