US investment company, Blackstone Group, is to acquire a 12% stake in Monnet Ispat & Energy’s Greenfield power plant to be set up in Orissa, India.
The 1050 megawatt plant is expected to cost in excess of Rs50 billion and will be funded through a mix of equity capital and debt.
Monnet Ispat is principally engaged in the manufacture of sponge, steel and ferro alloys. The Company has a combined capacity of 0.86 million tons per annum of sponge iron, 0.3 million tons per annum of steel, 0.06 million tons per annum of ferro alloys and power generation facility of 150 megawatts besides running an underground coal mine in India.
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