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JSW Steel, AION Capital win bid to acquire bankrupt Monnet Ispat

Press Trust of India  |  New Delhi 

JSW led consortium has won the bid to acquire bankrupt and Ltd (MIEL) in an insolvency

The committee of creditors (CoC) of and Energy, which is undergoing insolvency proceedings, had on Tuesday approved the resolution plan submitted by the only bidder Sajjan Jindal's JSW along with

"The consortium has been declared as the successful resolution applicant by the Committee of Creditors of MIEL on April 10, 2018, and has received a Letter of Intent (LoI) dated April 12, 2018," JSW said in a statement.

and (AION) had submitted a bid for MIEL under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016.

"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 and the Competition Commission of India," JSW Steel said.

JSW Steel is a part of the diversified USD 12 billion JSW Group, which has presence in steel, energy, infrastructure, cement, ventures and sports.

JSW Steel is the leading integrated steel company in with an installed of 18 MTPA. at Vijayanagar in is the largest single producing facility in the country with a capacity of 12 MTPA.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, April 12 2018. 17:15 IST