Lenders reject JSW Energy offer for Monnet Power citing poor terms

JSW wanted to repay debt over next 20 years; Monnet to now go for liquidation

Lenders to Monnet Power have rejected the lone bid from JSW Energy, citing poor terms of the offer. 

“Monnet Power will go for liquidation as the bid made by JSW Energy has been rejected by 90 per cent of the lenders. JSW wanted to make the payment over the next 10 years, which was not accepted,” a source in the know of the development said. Besides, the upfront cash offer of Rs 500 million in itself was not good enough, the source said. The total offer was Rs 5 billion. A JSW Energy spokesperson declined to comment. 

In July, the Sajjan Jindal-owned