Lenders considering handover of company to investor: Monnet Ispat

NEW DELHI: Monnet Ispat & Energy Ltd today said that it is under strategic debt restructuring and the lenders are exploring option of handing over the control and management of the company to outside investor.

"...the company is under strategic debt restructuring (SDR) and 51 per cent control of company is with lenders. Lenders are exploring the option of handing over control and management of company to outside investor," Monnet Ispat & Energy Ltd said in a filing to BSE.

The company was replying to a clarification sought by the bourses for a news item which said JSW Steel, Blackstone were in talks to buy Monnet Ispat.

"The discussion with the investor is confined to the lenders and the management of the company is not involved," the filing added.

Monnet Ispat & Energy Ltd has a de-risked business portfolio that encompasses manufacturing and marketing of sponge iron, steel and ferro alloys. MIEL is also engaged in mining of minerals like coal and iron ore.