JSW Steel on Saturday said the Competition Commission of India has approved bid by a consortium led by it to acquire bankrupt Monnet Ispat and Energy Ltd (MIEL) in an insolvency auction.
The committee of creditors (CoC) of Monnet Ispat and Energy, which is undergoing insolvency proceedings, had on April 12 approved the resolution plan submitted by the only bidder Sajjan Jindal's JSW Steel along with AION Capital.
"The Competition Commission of India (CCI)...considered the proposed combination and is of the opinion that there is no appreciable adverse effect on competition," JSW Steel said in a regulatory filing.
The resolution plan remains subject to the approval of the National Company Law Tribunal (Mumbai bench), it added.
JSW Steel Limited and AION Investments Private II Limited (AION) had submitted a bid for MIEL under the corporate insolvency resolution process of the Insolvency and Bankruptcy Code 2016.
JSW Steel is a part of the diversified $12 billion JSW Group, which has presence in steel, energy, infrastructure, cement, ventures and sports.