Blackstone To Invest In Monnet Power (01-Jul-2010)
The Blackstone Group has announced that it will be investing US$ 60 million for 12.5% equity stake in Monnet Power Company (MPCL), an independent power producer. MPCL is developing a 1,050 MW coal fired power plant in Orissa backed by pit-head captive coal mines, and has a pipeline of a further 2000 MW under development. MPCL is a 100% subsidiary of Monnet Ispat & Energy (MTEL), which is India's second largest manufacturer of integrated coal-based sponge iron.
The company made this announcement during the trading hours today, 02 July 2010.
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