Insolvency process: Adani Power, JSW Energy submit EoIs for Monnet Power

JSW Energy and Adani Power have submitted separate Expression of Interests (EoIs) to acquire stressed asset firm Monnet Power, a source told Business Standard. 

This is the second company of Sandeep Jajodia to undergo insolvency proceedings.  Spokespersons for Adani Power and JSW Energy declined to comment. Monnet Ispat and Energy, flagship firm in Monnet Industries, is also undergoing insolvency proceedings wherein JSW Steel and AION Capital have together sought to acquire the firm for Rs 37.5 billion. 

Monnet Power was set up in 2007 and has a 1,050-Mw thermal power plant in Odisha, but ran into trouble when the Supreme Court cancelled multiple coal mine licences in 2014.

In February, the firm was admitted for insolvency and the last date for submitting the EoIs was June 6. 

In 2016, JSW Energy had said they were interested in acquiring Monnet Power, but lenders rejected Sajjan Jindal's offer then as they did not want to take a haircut on the loans.