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Monnet Ispat narrows loss to Rs 78 cr in Q3

Press Trust of India  |  New Delhi 

Monnet Ispat & Energy Ltd (MIEL) Monday reported a loss of Rs 77.66 crore for the quarter ended December 31, 2018, against that of Rs 396.60 crore in the October-December period of the previous fiscal.

The standalone income of the company increased to Rs 499.07 crore in the third quarter of 2018-19 from Rs 322.42 crore in the corresponding quarter of the previous fiscal, Monnet Ispat & Energy Ltd said in a filing to BSE.

In a separate filing the company announced the "relinquishment of position by Sanjay Garodia, as the Chief Financial Officer of the company effective from 21st January, 2019."

MIEL also announced the appointment of J Nagarajan as Chief Financial Officer of the company effective Monday.

The company had earlier said that JSW Steel and its promoters have acquired around 88 per cent stake in the Monnet Ispat and Energy Ltd following completion of the insolvency resolution proceedings.

The National Company Law Tribunal (NCLT) had earlier approved a Rs 2,875-crore bid by a consortium of Aion Investments and JSW Steel to acquire the bankrupt Monnet Ispat & Energy.

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

First Published: Mon, January 21 2019. 20:40 IST