JSW Steel set to buy Monnet Ispat for Rs 3,750 crore

In the first resolution of an NPA account on RBI’s first list, JSW SteelNSE -3.17 % is all set to buy debt-ridden Monnet IspatNSE -1.62 % for Rs 3,750 crore, ET Now reported on Friday quoting sources.

Monnet Ispat faces claims of Rs 10,359 crore from financial creditors and Rs 116 crore from operational creditors, the report said.

The company, which is part of the first lot of 12 defaulters referred by the Reserve Bank of India for insolvency proceedings, has a sponge iron unit with a capacity of one lakh tonnes a year.