Sajjan Jindal-led JSW Steel has made an offer to buy the controlling stake in Monnet Ispat & Energy through the strategic debt restructuring (SDR) route.
The company is undergoing strategic debt restructuring (SDR) and lenders, who own 51 per cent stake, are exploring the option of handing over its control and management to outside investors.
A source privy to the development said, "JSW Steel has put in the final bid and the bankers are considering the offer submitted by JSW Steel. It is the only company which submitted the final bid. The bid was submitted by the company on February 22."
The queries to the companies remained unanswered.
The company had earlier said that discussions with the investor are confined to lenders and the management is not involved at this stage.
Monnet Ispat has a de-risked business portfolio that encompasses manufacturing and marketing of sponge iron, steel and ferro alloys. MIEL is also engaged in mining of minerals like coal and iron ore.
