A year after resolution, Monnet's DRI plant running at 100% capacity

The third of a four-part series on the Insolvency and Bankruptcy Code takes a look at how the steel firm's turnaround plan was to be undertaken in phases

The only facility operational at Monnet Ispat & Energy at the time of acquisition by AION and JSW Steel was the direct reduced iron (DRI) plant. 

A year later, the DRI plant is running at 100 per cent capacity, as is the pellet plant and the earnings before interest, depreciation, taxation and amortisation (EBIDTA) is positive amid a challenging environment.

Monnet, which owed banks Rs 11,000 crore, was one of the 12 non-performing assets (NPAs) mandated for resolution under the Insolvency and Bankruptcy Code (IBC). A Rs 2,875 crore resolution plan, submitted jointly by AION and JSW Steel (minority partner),