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Jindal Steel & Power (JSPL) has through the insolvency resolution process acquired Monnet Power Company for a consideration of Rs 410 crore.
Naveen Jindal-led JSPL last month won the bid for Monnet Power, which has a 1050 MW under-construction plant in Odisha’s Angul. The full consideration of Rs 410 crore was paid on Wednesday.
Monnet Power was admitted for the corporate insolvency resolution process (CIRP) in 2018 after proceedings were instituted by the IDFC Bank. In 2019, the National Company Law Tribunal (NCLT) ordered liquidation as there was no resolution plan. Monnet's bank debt was about Rs 3,819 crore.
The
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