Sajjan Jindal's JSW Energy sole bidder for Monnet Power as Adani backs out

JSW had earlier made an offer outside of the IBC process but lenders were not keen to take a steep haircut

Billionaire Sajjan Jindal’s JSW Energy has submitted a bid for Monnet Power, which was referred to the National Company Law Tribunal (NCLT) after it defaulted on Rs 55 billion debt. Adani Power, which submitted an expression of interest earlier, has decided to stay out of the race.

Monnet Power runs a 1,050 Mw thermal power unit in Odisha and is supplying power to Monnet Ispat, acquired by JSW Steel in July for Rs 37.50 billion as against its dues of Rs 114 billion to banks. Both companies were set up by the Jajodia family, who are related to the Jindals by