/ JSW Steel, AION to invest Rs 875 crore in MSL ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Friday, 27 July 2018

JSW Steel and AION Investments Private II, a wholly-owned subsidiary of AION Capital Partners will invest Rs 875 crore in Milloret Steel (MSL), a special purpose vehicle, as part of the resolution plan approved by the National Company Law Tribunal (NCLT) for debt-ridden Monnet Ispat & Energy (MIEL) to fund working capital, CAPEX and payment of financial creditors of the company.

The company will also provide Rs 125 crore as working capital advance to MIEL under the corporate insolvency resolution process cleared by the latter’s Committee of Creditors.

JSW Steel is one of the largest steel manufacturing companies in India having units in Karnataka and Maharashtra producing crude steel, long steel and flat steel products.

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