BHEL had provided equipment that was required for the functioning of Monnet Ispat's Raigarh plant.
The bankrupt Monnet owes over Rs 11,000 crore to a clutch of lenders.
The final acquisition price is Rs 2,875 crore
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
The company's joint MD and Group CFO was responding to ArcelorMittal's allegation that JSW Steel was making a 'mockery' of the IBC.
The committee of creditors (CoC) of Monnet Ispat and Energy, which is undergoing insolvency proceedings, had on Tuesday approved the resolution plan submitted by the only bidder Sajjan Jindal's JSW Steel along with AION Capital.
While an immediate resolution of these assets and acquisition by a serious player could definitely help revive these companies, will investors make money? The question needs to be seen in the light of the prospective acquisition of the deal.
The Hindu BusinessLine reports that the IRP has called for expression of interest (EoI) from buyers for Monnet Ispat and Energy. The last date for submission of EoI by buyers is September 25, the report states.
While the consolidation is certainly on the cards, it will be interesting to see who all bags some of these assets. With the improved outlook for steel, sellers are gaining bargaining power.
The sources added that lenders were likely to give an in-principle nod to send the case to National Company Law Tribunal (NCLT).
In an interview to CNBC-TV18’s Latha Venkatesh, Anuj Singhal, and Sonia Shenoy, SP Tulsian of sptulsian.com shared his readings and outlook on market and specific stocks.
In an interview to Latha Venkatesh, Sonia Shenoy, and Anuj Singhal, SP Tulsian of sptulsian.com shared his views on the fundamentals of the market and the outlook going forward. He also spoke about specific stocks and sectors.
In an interview to CNBC-TV18, SP Tulsian of sptulsian.com shared his readings and outlook on specific stocks and sectors.
The steel ministry is working closely with the NITI Aayog on pricing the country‘s natural resources like iron ore, coking coal, coal, gas, among others in such a way that there is a clear line between profit and profiteering, said Steel Secretary, Aruna Sharma in an interview to CNBC-TV18.
Cipla | Bharat Forge | Tata Steel | SBI | PNB | Bharti Airtel | UltraTech Cement | Jaiprakash Associates | Aditya Birla Nuvo | Shree Cement | Religare Enterprises | ARSS Infra | Srei Infrastructure | GMR Infrastructure and SAIL are stocks, which are in the news today.
DLF, one of the country's largest realty developers, has entered into an exclusive pact with private equity firm GIC to sell a minority stake sale in its rental commercial property arm, DLF Cyber City.
A source privy to the development said, "JSW Steel has put in final bid and the bankers are considering the offer submitted by JSW Steel. It is the only company which submitted the final bid."
The Steel Ministry has asked the Steel Authority of India (SAIL) to evaluate taking over Monnet Ispat, sources close to the development told CNBC-TV18.
Earlier, the lenders, together holding 51 percent in Monnet Ispat, had converted Rs 350 crore of debt in the company to equity. Monnet has a total debt of over Rs 9,000 crore.
Balkrishan Goenka, Chairman, Welspun Group and Kiran Kumar Grandhi, vice-chairman of GMR Infrastructure Ltd, have taken over as senior vice-president and vice-president respectively.