MUMBAI – APRIL 12, 2018: JSW Steel Limited (“JSW”) hereby announces that JSW and AION Investments Private II Limited (“AION”) (together as a consortium) had submitted a bid for
Monnet Ispat and Energy Limited (“MIEL”) under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016.
This consortium has been declared as the successful resolution applicant by the Committee of Creditors of MIEL on April 10 th, 2018, and has received a Letter of Intent (“LoI”) dated April 12th 2018. The consortium has accepted the terms of the LoI.
The closure of the transaction shall be subject to obtaining necessary regulatory approvals, including from the National Company Law Tribunal and the Competition Commission of India.
About JSW Steel: JSW Steel is a part of the diversified US$ 12 billion JSW Group, which has a presence in Steel, Energy, Infrastructure, Cement, Ventures and Sports. JSW Steel is the
leading integrated steel company in India with an installed steel-making capacity of 18 MTPA. JSW Steel’s plant at Vijayanagar in Karnataka, is the largest single location steel producing facility in the country with a capacity of 12 MTPA.