JSW Steel and AION Investments (together as a consortium) had submitted a bid for Monnet Ispat and Energy (MIEL) under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016. 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). 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 is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.
