Mumbai: JSW Steel Limited (“JSW”) hereby announces that JSW and AION Investments Private II Limited (“AION”) (together as a consortium) had submitted a bid for Monnet Ispat and Energy Limited (“MIEL”) under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016.
This consortium has been declared as the successful resolution applicant by the Committee
of Creditors of MIEL on April 10th, 2018, and has received a Letter of Intent (“LoI”) dated April 12th 2018. 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 National Company Law Tribunal and the Competition Commission of India.
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