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The government is examining the possibility of India’s largest steel maker Steel Authority of India Ltd (SAIL) undertaking 'operation and maintenance' (O&M) of ailing Monnet Ispat & Energy Ltd (MIEL) till the lenders are able to find a buyer for the company, as per the media reports. However, it may not be possible for SAIL to take over MIEL which is up for sale but it would definitely explore the option of maintaining the steel plant, according to a government official, quoted PTI. The lenders have already sought bids from prospective buyers but have not received good response. Only JSW Steel has expressed keenness to take over Monnet Ispat which is facing debt problem. A consortium led by State Bank of India (SBI), sources said, has taken over the debt-ridden company and is looking for a buyer as part of the strategic debt restructuring.
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