INSUBCONTINENT EXCLUSIVE:
JSW Steel has also bid for another bankrupt steelmaker, Essar Steel
Creditors of India's Monnet Ispat and Energy Ltd have approved a joint bid from AION
Investments and JSW Steel to take over the bankrupt firm, according to a regulatory filing on Tuesday.Monnet Ispat is among India's 12
biggest loan defaulters, which were pushed into bankruptcy last year, as part of the country's new bankruptcy law aimed at cutting close
to $150 billion of accumulated soured loans.Monnet Ispat's committee of creditors approved the resolution plan from AION Investments and
JSW Steel by favourable votes of close to 99 per cent, the company said in the stock exchange filing.It did not provide any details of the
takeover offer.Monnet Ispat, which manufactures steel and is also involved in power generation, owes banks and other creditors 104.12
billion rupees ($1.6 billion), according to government data.Leading Indian steelmaker JSW Steel has also bid for another bankrupt steelmaker
Essar Steel India in a partnership.Creditors have so far finalised winning bidders for at least two other bankrupt steelmakers
headline, this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)
