Blackstone has bought 1.87% stake for Rs.60 Cr in Monnet Ispat Ltd, through bulk deal.

Blackstone acquired 1.2 Mn shares at Rs.500 per share on BSE and NSE combine.

Transaction Reference: BSE, NSE

In 2010, Blackstone had bought 12.5% stake for Rs.275 Cr in Monnet Ispat's subsidiary, Monnet Power Company Limited. MPCL is developing a 1,050 MW coal-fired power plant at Angul in Orissa at an investment of about Rs.5,000 Cr.

The company also has a pipeline of a further 2,000 Mw under development, two thermal power projects in Gujarat, besides two solar power projects in Rajasthan and Karnataka.

Monnet Ispat is sponge iron manufacturer company with annual production of 1 MT. It has manufacturing facilities in Raipur and Raigarh in Chhattisgarh and is currently implementing 1.5 MTPA integrated steel plant at Raigarh at a cost of $1 Bn.

The company has committed Rs 19,500 Cr investment by 2014-15 towards setting up an integrated steel plant and two power projects.

In March, Monnet Ispat acquired Indonesian coal company, PT Sarwa Sembada Karya Bumi for $24 Mn (Rs.108 Cr), in the Jambi province of Sumatra, Indonesia. The acquisition gives it access to thermal coal mines spread over 25,000 hectares of which 1,500 hectares have been explored.

Monnet expects to sign an initial pact for buying another coal mine, in Mozambique, over the next three months which is expected to have 7 Bn tonnes of reserves.

This is Blackstone's second deal this month. Earlier this month, it invested Rs.150 Cr in FINO Ltd, which provides technology solutions for banks and MFIs.

Blackstone has investments in Indian firms like newspaper firm Jagran Prakashan, garment maker Gokaldas Exports, Allcargo Global Logistics, Nagarjuna Construction and Emcure Pharmaceuticals.

Previous Article

Shilpa Medicare Buys Controlling Stake In Nu Therapeutics

Next Article

Sheth Creators Raises R80Cr From IIFL PE