JSW Steel, Blackstone in talks to buy Monnet Ispat

In 2015, JSW Energy had signed a non-binding agreement for Monnet Power, but it later backed out

Sajjan Jindal's JSW Steel, Sudhir Maheshwari-led Synergy Capital and global private equity fund Blackstone are in discussions with lenders for a controlling stake in Monnet Ispat Energy through the strategic debt restructuring (SDR) route.

Sources close to the development said that JSW Steel, Synergy Capital and Blackstone were the shortlisted investors and the final proposals were likely to be submitted by early February. Lenders currently hold 53 per cent in Monnet Ispat Energy.

“The new investor will have a controlling stake in the company. Whether the companies would take the entire 53 per cent, or not, would be known once