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Monnet Ispat Limited, managed by the Monnet group was promoted by O P Jindal of the Jindal group of Companies, in 1990 . The main business of the company is sponge iron, char and M S ignots, sugar, rice, powergeneration and Ferro Aloys. The company`s plants are located at Mandir Hasaud, Raipur, in Chhattisgarh. The company funded by a term loan from IDBI, internal accruals and contribution from the promoters Monnet Ispat set up a 0.1 mn tonnes per annum sponge iron plant at a cost of Rs 51 crore. The company's Sponge iron business however, continues to be buoyant on account of the falling imports and higher landed cost of scrap. Monnet Ispat Limited has signed an MOU with the Chhattisgarh State Industrial Development Corporation (CSIDC) an investment agency of the Govt. of Chhattisgarh, for undretaking Steel and Allied Projects in Raipur and Raigarh, upto a proposed Investment of Rs. 1160 Crores. The Company increases the capacity of Sponge Iron to cater to the full requirements of existing customer base and reduce production cost.
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