JSW Steel eyes turnaround of Monnet Ispat in a year
Mumbai: JSW Steel hopes to turnaround Monnet Ispat & Energy in an year's time and merge it with the parent company, a top company official said here.
The National Company Law Tribunal (NCLT) last week approved a 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. The Aion-JSW consortium was the sole bidder for the 1.5 million tonne asset in Chhattisgrah.
"We will eventually merge Monnet Ispat into JSW Steel and it will be a JSW brand. Our past experience is normally we turn-around in one year, so we hope that will happen," JSW Steel chairman and managing director Sajjan Jindal said.