In a bid to fuel expansion plans and future growth, Monnet Ispat and Energy (MIEL) is looking to sell some stake in its power generation subsidiary -- Monnet Power. MIEL, which holds 87.5 per cent stake in Monnet Power, is currently engaged in preliminary discussions with five-six power utilities, including a foreign firm, for strategic part-stake sale.
Rapid capacity expansion of Monnet Power, now setting up a 1,050 MW coal-based power plant at Angul in Odisha, is the primary objective for inducting the partner into the venture.
Monnet Ispat is engaged in the business of sponge iron, steel ingot & billets and coal mining.
