Blackstone, TPG among five firms eyeing Monnet Ispat

Monnet Ispat's debt had climbed to over Rs 12,000 crore on March 31, 2016, and the company's debt to equity hit 9.26

At least five leading companies, including private equity (PE) funds and asset reconstruction companies, have expressed interest in bidding for Monnet Ispat and Energy Ltd, which is undergoing insolvency proceedings. 

These companies are Edelweiss Asset Reconstruction Company, Blackstone, TPG, AION Capital (a joint venture of ICICI Venture and Apollo Global Management) together with JSW Steel and Hong Kong-based SSG Capital, which buys distressed assets. The National Company Law Tribunal (NCLT) has also appointed Grant Thornton as the interim resolution professional for this deal.   

According to sources in the know, these companies, apart from any other which shows interest, are expected to