CCI approves JSW-led consortium bid to acquire Monnet Ispat

By: |
New Delhi | Published: May 12, 2018 2:53:50 PM

JSW Steel today said the Competition Commission of India has approved bid by a consortium led by it to acquire bankrupt Monnet Ispat and Energy Ltd (MIEL) in an insolvency auction.

JSW Steel, Competition Commission of India, MIEL, AION, Monnet Ispat and Energy, news on JSW steel, latest news on jsw steelJSW 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. (Reuters)

JSW Steel today said the Competition Commission of India has approved 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 presence in steel, energy, infrastructure, cement, ventures and sports.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Tax notice to banks: DFS to seek relief, take up matter with revenue dept
2CPSE Privatisation: BHEL, MTNL on NITI’s new list
3High NPAs: Reserve Bank orders Dena to stop lending