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

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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Aion Investments, JSW Steel to pay Rs 2,892 crore to pick 74.3% stake in Monnet Ispat

Mumbai: A consortium of Aion Investments – JSW Steel, which has won bid to acquire the bankrupt Monnet Ispat & Energy, will pay Rs 2,892 crore to take over the assets, as per the revised resolution plan approved by NCLT. As per the written order, the consortium will make a payment of Rs 2,457 crore to secured financial creditors of …

AION Capital-JSW Steel consortium agrees to pay Monnet Ispat’s small creditors

Mumbai: The AION Capital-JSW Steel consortium has agreed to pay small operational creditors of Monnet Ispat after the dedicated bankruptcy court observed that there is nothing for small vendors in the resolution plan and they need to keep them in mind while acquiring an asset at such an attractive valuation. The lone successful bidder agreed to set aside around ₹ …

JSW Energy, Adani Power submit EoIs for bankrupt Monnet Power

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 …

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