Banks invite offers to acquire 51% stake in Monnet Power

07 November 2016

Banks have invited offers to acquire 51 percent stake in Monnet Power.

The IDFC Bank led consortium, which has Rs 5,000-crore exposure to Monnet Power, has appointed SBICAPS to identify strategic investors and invite expression of interest (EoI) for the company’s 1,050 megawatt (MW) power plant in Odisha. The EoI are to be submitted by November 30.

Lenders estimate the Odisha plant requires Rs 3,000 crore in capital for completion and invited bids after JSW Energy’s acquisition proposal was rejected.

Source – Moneycontrol