JSW Steel today said the Competition Commission of India has approved the bid by a consortium led by it to acquire bankrupt Monnet Ispat and Energy Ltd (MIEL) in an insolvency auction. The committee of creditors (CoC) of Monnet Ispat and Energy, which is undergoing insolvency proceedings, had on April 12 approved the resolution plan submitted by the only bidder Sajjan Jindal's JSW Steel along with AION Capital.
"The Competition Commission of India (CCI)...considered the proposed combination and is of the opinion that there is no appreciable adverse effect on competition," JSW Steel said in a regulatory filing.
The resolution plan remains subject to the approval of the National Company Law Tribunal (Mumbai bench), it added.
JSW Steel Limited and AION Investments Private II Limited (AION) had submitted a bid for MIEL under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016.
JSW Steel is a part of the diversified USD 12 billion JSW Group, which has a presence in steel, energy, infrastructure, cement, ventures and sports.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
