JSW Steel makes offer to buy controlling stake in Monnet Ispatbusiness Updated: Mar 01, 2017 17:48 IST
Chairman & MD of JSW group Sajjan Jindal running during the Standard Chartered Mumbai marathon.(PTI)
Sajjan Jindal-led JSW Steel has made an offer to buy controlling stake in Monnet Ispat & Energy Ltd through the strategic debt restructuring (SDR) route.
The company is undergoing SDR and lenders, who own 51%, are exploring the option of handing over its control and management to outside investors.
A source privy to the development said, “JSW Steel has put in final bid and the bankers are considering the offer submitted by JSW Steel.
“It is the only company which submitted the final bid. The bid was submitted by the company on February 22.”
The queries to the companies remained unanswered.
The company had earlier said that discussions with the investor are confined to lenders and the management is not involved at this stage.
Monnet Ispat has a de-risked business portfolio that encompasses manufacturing and marketing of sponge iron, steel and ferro alloys. MIEL is also engaged in mining of minerals like coal and iron ore.