With reference to the news appearing in Financial Express on August 22, 2015 titled ‘In talks with Bhushan Steel to acquire stake in Orissa Sponge Iron’, In this regard Monnet Ispat & Energy has clarified that they are in-principal agreeable to sell our stake held in Orissa Sponge Iron & Steel Ltd. to Bhushan Steel Limited. However, no commercial terms and valuations have been finalized. The Company has signed an MOU with JSW Energy Limited for stake sale of Monnet Power Company Limited, the intimation of which has been sent to Exchange on July 09, 2015. Whenever any further development happens, the Company will inform the Stock Exchange terms of the listing agreement.
The above information is a part of company’s filings submitted to BSE.
