Monnet Ispat & Energy Ltd, one of India’s largest manufacturers of integrated coal-based sponge iron, has appointed its directors from the private equity firm Blackstone Group and India-focused hedge fund East Bridge Capital Management.
Monnet Ispat has also elevated Sandeep Jajodia, currently the executive vice-chairman and MD, to the chairman’s role. The chairman’s position had to be filled after MS Gujral passed away earlier this month.
Blackstone India’s senior managing director Amit Dixit has joined the board as additional director. Vikram Deswal of Boston-based hedge fund East Bridge Capital has also joined the company’s board.
Blackstone has been picking up shares in Monnet Ispat since last year and currently holds 7.1 per cent stake in the company. The private equity major has also invested Rs 275 crore (approximately $60 million) in a subsidiary of Monnet Ispat (Monnet Power Company) in the power generation space in 2010. According to Blackstone website, Dixit also sits on the board of Monnet Power.
Another director on the board of Monnet Ispat is Ajay Relan of CX Partners. The private equity firm bought 8 per cent stake in the company for Rs 150 crore.