JSW Steel plans Monnet-like structure for proposed BPSL acquisition
Sajjan Jindal-controlled JSW Steel is mulling a Monnet-like structure for the proposed acquisition of Bhushan Power and Steel (BPSL) to avoid having debt on its books.
Sources said a group company would have majority holding in a special purpose vehicle (SPV) for the acquisition; JSW Steel would have minority holding. In the case of Monnet Ispat & Energy, Aion is the majority partner, while JSW Steel has minority holding.
A JSW spokesperson declined to comment.
The Monnet acquisition happened in August 2018, when the sector was still riding the wave. The sector and the economy slipped into slowdown since September-October of last year.
