Monnet Ispat & Energy is in talks with Bhushan Steel to sell its entire 35% stake in Orissa Sponge Iron & Steel (OSISL), which owns iron ore reserves in the Odisha. This stake sale would help the company to reduce its debt.
The company has also finalized sale of its power business to JSW Steel, a deal which is expected to close in December and will take off that business’ Rs 4,000-crore liability off Monnet’s books.
Monnet Ispat & Energy is engaged in the business of sponge iron, steel ingot & billets and coal mining.
