Committee of creditors accepts revised bid from JSW-AION for Monnet Ispat

Though the rules do not prohibit a single bidder, there were apprehensions that the bid might not fetch the right price

The committee of creditors has accepted the revised offer from the JSW Steel-AION Capital combine for Monnet Ispat and the deal is expected to be announced soon after legal scrutiny. The combine was the only bidder for the asset.

AION is a private equity fund formed through a strategic partnership between ICICI Venture and Apollo Global Management. 

JSW-AION has agreed to pay the creditors an additional Rs 2 billion over and above the Rs 27 billion agreed upon earlier, apart from agreeing to increase the equity holding of the lending banks from 8 per cent to 16 per cent. 

In the earlier plan,