JSW Steel-Aion Capital has emerged as the successful bidder to acquire Monnet Ispat and Energy (MIEL), the company said in a BSE filing.
The committee of creditors (CoC) of Monnet Ispat and Energy Ltd, which is undergoing insolvency proceedings, had on April 10, 2018 approved the resolution plan submitted by the only bidder Sajjan Jindal’s JSW Steel along with AION Capital.
“The consortium has been declared as the successful resolution applicant by the Committee of Creditors of MIEL on April 10, 2018, and has received a Letter of Intent (LoI) dated April 12, 2018,” the company said in a statement.
JSW Steel Limited and Aion Investments Private II Limited (Aion) had submitted a bid for Monnet Ispat and Energy Limited (MIEL) under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016.
“The consortium has accepted the terms of the LoI. The closure of the transaction shall be subject to obtaining necessary regulatory approvals, including from the National Company Law Tribunal and the Competition Commission of India,” JSW Steel said.
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