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JSW Steel offers to buy stake in Monnet Ispat

LiveMint logoLiveMint 01-03-2017 PTI

New Delhi: Sajjan Jindal-led JSW Steel has made an offer to buy a controlling stake in Monnet Ispat and Energy Ltd through the strategic debt restructuring (SDR) route.

The firm is undergoing SDR and lenders, who own a 51% stake, are exploring the option of handing over its control and management to outside investors. A person close 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 firm which submitted the final bid. The bid was submitted on February 22.”

Queries sent to the companies remained unanswered. The company had earlier said talks with the investor are confined to lenders and the management is not involved at this stage.

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