Monnet Ispat & Energy

What Monnet Ispat & Energy does

Monnet Ispat & Energy Limited (MIEL) was incorporated in 1990 and commenced operations in 1994 as an integrated primary steel producer based in Chhattisgarh, India. It operated a 1.5 MTPA integrated steel plant at Raigarh producing hot-rolled plates, rebars, and structural profiles for the infrastructure and construction industry, alongside sponge iron (in which it was the second largest manufacturer in India), ferro alloys, and captive power generation. Its core technology combined sponge iron (DRI) and blast furnace routes to reduce reliance on imported coking coal, supported by iron ore pelletization, sintering, and waste heat recovery for energy efficiency. The company went through Corporate Insolvency Resolution Process and was acquired in August 2018 by a consortium of Aion Investments and JSW Steel Limited, then rebranded as JSW Ispat Special Products Limited (JISPL) on September 23, 2020. JISPL operated a de-risked business portfolio spanning sponge iron, steel, ferro alloys, and power, with direct B2B sales to infrastructure and construction customers predominantly around Chhattisgarh, complemented by the JSW NEO Steel sub-brand targeting higher-specification grades (HT, IBR, RDSO, automotive, API) for Northern, Eastern, and Western Indian markets and exports.

JISPL was wholly absorbed into JSW Steel Limited effective July 31, 2023 pursuant to an NCLT order dated June 22, 2023, following a 2022 slump sale that transferred the specified undertaking (0.3 MTPA sponge iron, ferro alloys, 0.25 MTPA steel) to wholly-owned subsidiary Mivaan Steels Limited. As of the merger effective date, the legal entity no longer operates independently. The JSW Group, of which JISPL became part in 2018, is a US$23 billion conglomerate (as of March 31, 2025) and part of the O.P. Jindal Group, with JSW Steel at 18 MTPA capacity making it India's leading steel producer. JISPL's revenue model was direct manufacturing-to-customer sales of industrial commodities with no publicly disclosed pricing, negotiated contractually based on commodity market conditions. The founder Sandeep Jajodia served as chairman and managing director, and the entity was headquartered at JSW Centre, Bandra Kurla Complex, Mumbai (CIN: L02710MH1990PLC363582).

Name

Monnet Ispat & Energy

Legal name

JSW Ispat Special Products Limited

Website

https://aionjsw.in

Company type

Private

Founded year

1990

Operating status

Acquired

Headcount range

1,001–5,000 employees

Short description

Monnet Ispat & Energy (renamed JSW Ispat Special Products Limited) operated a 1.5 MTPA integrated steel plant at Raigarh producing sponge iron, HR plates, rebars, structural profiles, and ferro alloys for India's infrastructure and construction industry, before merging into JSW Steel Limited on July 31, 2023.

Ownership category

akta.pro rank

Headquarters

HQ city

Raipur

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Sponge Iron Manufacturing and Sales: Manufacturing and marketing of sponge iron (direct reduced iron), used as a substitute for scrap in induction and electrical arc furnaces. Sponge iron is sold to steel manufacturers domestically.
2. Steel Manufacturing and Sales: Manufacturing of steel products including HR plates, rebars, and structural profiles from integrated steel plant at Raigarh with 1.5 MTPA production capacity. Products cater to infrastructure and construction industry.
3. Ferro Alloys Manufacturing and Sales: Manufacturing and marketing of ferro alloys as part of the company's de-risked business portfolio.
4. Pellets Manufacturing and Sales: Iron ore pellet production as part of integrated steel operations, utilizing iron ore fines.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Monnet Ispat & Energy Limited operates an integrated steel complex at Raigarh, Chhattisgarh, manufacturing and marketing sponge iron, hot-rolled steel plates, rebars, structural profiles, ferro alloys, pellets, and captive power. The 1.5 MTPA plant uses a hybrid DRI plus blast furnace route, captive iron-ore pelletization and sintering, and waste-heat recovery to supply infrastructure and construction industry customers domestically.

Product overview

JSW Ispat Special Products Limited (formerly Monnet Ispat & Energy Limited) operates a de-risked business portfolio encompassing the manufacturing and marketing of Sponge Iron, Steel (HR plates, rebars, structure profiles), Ferro Alloys, and Power. The company is part of an elite group of primary steel producers with a world-class integrated steel plant at Raigarh with 1.5 MTPA production capacity, catering to the rapidly growing infrastructure and construction industry. The company merged with JSW Steel Limited effective July 31, 2023.

Differentiator

Problem solved

Functional benefit

Brands

• JSW NEO Steel: A sub-brand under JSW Ispat Special Products Limited focused on specialized steel products.

Products and services

• Sponge Iron Sponge iron (direct reduced iron) manufactured at the Raigarh integrated steel complex for use by induction and electric arc furnace steel makers as a substitute for melting scrap, offering low sulphur and phosphorus content, consistent chemistry, and dust-free handling.
• Steel (HR Plates, Rebars, Structural Profiles) Hot-rolled plates, rebars, and structural profiles manufactured at the integrated steel plant at Raigarh with 1.5 MTPA production capacity, supplying infrastructure and construction customers in India with HR plates, rebars, and structural sections.
• Ferro Alloys Ferro alloys produced as part of the integrated de-risked product portfolio, with captive availability supporting raw material risk mitigation for the steel complex and supplying downstream steel makers.
• Iron Ore Pellets Iron ore pellets produced from iron-ore fines at the integrated pelletization and sintering plants, used as feed for sponge iron and steel making to lower raw material costs.
• JSW NEO Steel Specialized steel products marketed under the JSW NEO Steel sub-brand within the JSW Ispat Special Products Limited portfolio.

Quantifiable outcome

• Second largest sponge iron manufacturer in India
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• O.P. Jindal Group (JSW Group)coreOthers · 1 January 2018JSW Group is part of the O.P. Jindal Group and is a US$ 23 billion conglomerate (as on 31st March 2025) with presence across India, USA, South America & Africa, with strong footprints across core economic sectors namely Steel, Energy, Infrastructure, Cement, Ventures and Sports. JSW Group includes JSW Steel (18 MTPA), JSW Energy (4,541 MW), JSW Infrastructure (85 MTPA), and JSW Cements (12.8 MTPA).

Scale indicators5 records

Recent moves9 records

Expansion highlights4 records

Direct peers

• Tata Steel Limited: Tata Steel is one of India's largest integrated steel producers with comparable HR plate, rebar, and structural product portfolios serving infrastructure and construction, making it a closely comparable peer for integrated steel operations.
• JSW Steel Limited: JSW Steel is the direct parent and acquirer of JISPL (merged 31 July 2023). It is India's leading integrated steel producer with 18 MTPA capacity and the most directly comparable integrated steel peer for HR plates, rebars, and structural profiles.
• Visa Steel Limited: Visa Steel operates integrated sponge iron, ferro alloys, and steel production, with a similar product mix and special steel focus, making it a relevant direct peer for JISPL's special steel undertaking.
• Rashtriya Ispat Nigam Limited (RINL / Vizag Steel): RINL is India's central public-sector integrated steel producer with comparable long steel and structural product offerings serving the construction sector, making it a relevant direct comparable.
• Steel Authority of India Limited (SAIL): SAIL is India's largest public-sector integrated steel maker with similar BF/DRI-based steel and sponge iron operations, serving the same infrastructure and construction customers across India.
• Godawari Power & Ispat Limited: Godawari Power & Ispat is a closely comparable mid-cap Indian integrated producer of sponge iron, steel, pellets, and ferro alloys with similar captive raw materials and power, serving overlapping customer segments.
• Jindal Steel & Power Limited: JSPL operates integrated steel plants with captive iron ore and pelletization in Chhattisgarh/Odisha, producing HR plates, rails, and structural products, making it a strong direct comparable in product mix and geography.

Broad incumbents

• NMDC Limited: NMDC is India's largest iron ore miner and a key upstream supplier; comparable because JISPL's captive Hahaladdi mine and pellet operations directly interface with the iron ore supply chain NMDC dominates.
• ArcelorMittal Nippon Steel India: AMNS India (formerly Essar Steel) is a large flat-steel integrated producer acquired via IBC; its flat steel and pellet operations offer a broad-incumbent benchmark for Indian integrated steel turnaround cases.
• Tata Steel BSL Limited (formerly Bhushan Steel): Tata Steel BSL, formerly Bhushan Steel, was acquired via IBC and is now part of Tata Steel; it provides a comparable Indian distressed-to-stabilized integrated steel turnaround analogous to JISPL's 2018 resolution story.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/jsw-ispat-special-products-limited

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Monnet Ispat & Energy