India-based Monnet Ispat’s loss widened to Rs1,372mn in December quarter from Rs766mn in 2018. In comparison to the September quarter, loss grew by 257mn as sales and revenue dipped. 

 

Monnet Ispat’s standalone income increased to Rs5,875mn in December quarter from Rs4,990mn in 2018. The company’s facilities at Raigarh (other than pellets and DRI) were shut from June 21, 2019, for repairs, maintenance and upgradation. The plants integrated operations will restart in February 2020.

 

Monnet Ispat appointed J Nagarajan as chief financial officer, effective Monday. 

 

Aion Investments and JSW Steel acquired Monnet Ispat’s in September 2018 after the National Company Law Tribunal approved the deal for Rs 2,8750mn.

 

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