Experts are of the view that upside is likely to remain capped in the near term due to ongoing geopolitical concerns but small & mid-caps could outperform.
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.