Signage for JSW Steel Ltd. is seen on the exterior of the company’s manufacturing facility in Dolvi, Maharashtra, India. (Photographer: Dhiraj Singh/Bloomberg)

Competition Regulator Approves JSW-Led Consortium’s Bid For Monnet Ispat

JSW Steel Ltd. today said the Competition Commission of India has approved the bid by a consortium led by it to acquire bankrupt Monnet Ispat and Energy Ltd. in an insolvency auction.

The committee of creditors of Monnet Ispat, which is undergoing insolvency proceedings, had on April 12 approved the resolution plan submitted by the only bidder Sajjan Jindal's JSW Steel along with AION Capital.

“The Competition Commission of India...considered the proposed combination and is of the opinion that there is no appreciable adverse effect on competition,” JSW Steel said today in a filing to the stock exchanges. The resolution plan remains subject to the approval of the National Company Law Tribunal (Mumbai bench), it added.

Also read: ArcelorMittal Hits Out At JSW Steel, Calls Decision On Monnet Ispat ‘Mockery’

JSW Steel and AION Investments Private II Ltd. had submitted a bid for Monner Ispat under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016.

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

Also read: Details Of JSW-Aion’s Resolution Plan For Monnet Ispat