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May sell 35% stake in Orissa mine to Bhushan: Monnet Ispat

Bhushan Steel, Fund raising, private placement

Mumbai: Monnet Ispat is in discussion with Bhushan Steel to sell its entire 35 percent stake in Orissa Sponge Iron & Steel Ltd (OSISL) , which owns iron ore reserves in the Odisha, Monnet's Group CFO Ajay Bhat.

While refusing to divulge valuation details, Bhat said the stake sale would help the company cut its debt. Alongside, Monnet has also finalized sale of its power business to JSW Steel , a deal that is expected to close in December and will take off that business' Rs 4,000-crore liability off Monnet's books, Bhat said. Monnet's net debt, after the sale of the power business stands at Rs 7,000 crore, which will further reduce following stake sale in the Odisha mine company, he added.

Monnet is in talks with lenders to restructure part of its debt and does not foresee an immediate payments crisis, according to the CFO.


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