JSW Steel and its promoters have acquired around 88% stake in Monnet Ispat and Energy (MIEL) following completion of the insolvency resolution proceedings. The National Company Law Tribunal (NCLT) had earlier approved Rs 2,875 crore bid by a consortium of Aion Investments and JSW Steel to acquire the bankrupt Monnet Ispat & Energy, which owes over Rs 11,000 crore to a clutch of lenders.
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.
