Citicorp plans to acquire 14% stake in Monnet Ispat

Citicorp plans to acquire 14% stake in Monnet Ispat

In line with the recent industry news, Citicorp International Finance Corporation considers acquiring 14.16% stake in Monnet Ispat for Rupees 352.7 million ($8.02 million) with the purpose of partially financing expansion of Monnet Ispat's sponge iron and mild steel producing unit Raigarh. With this investment, foreign equity in Monnet Ispat will increase about 20%. Moreover, non-resident Indians and other foreign corporate firms hold 0.15% stake in the mill.