(Rs. In Crore)

New Delhi, August 02, 2011: Monnet Ispat & Energy Limited (MIEL) a flagship company of Monnet Group, the second largest coal-based sponge iron producer in the country announced its first quarter results for FY12.

For the first quarter ended June 30, 2011, MIEL reported total income of Rs 427 crore. EBIDTA stood at Rs 116 crore. Net profit was at Rs 73 crore. The cash profit stood at Rs 95 crore.

Commenting on the results, Mr. Sandeep Jajodia, Executive Vice Chairman & Managing Director, MIEL, said, “During the quarter in consideration, the company had taken shut down for part of the quarter of the 2,00,000 tonne of Sponge Iron capacity and 45MW capacity in Power Division at Raigarh for process improvement.”

“Despite the production shut down which has affected the production numbers, the company was able to maintain the sales volume based on available inventories. As prices remained firm during the quarter the overall revenues and profitability of the company remained unimpacted.” Mr. Jajodia further added.

Status on Expansions:

Implementation of on ongoing 1.5 MTPA integrated steel plant is per schedule. Additional 80 MW power plant which is the part of this project is ready for commercial operation from this month.

MIEL is in receipt of stage II of forest clearance for its Utkal Mine having 117 MT of geological reserves and company looks forward to start the production soon after the mining lease is executed by December 2011.

For further analysis of results and status of expansions please refer to http://www.monnetgroup.com

Going Forward:

The incremental capacity of 80 MW is expected to be sold in the open market for the balance of the year. Power tariff has witnessed marginal improvement and is expected to increase further and company is expected to generate incremental profit on account of higher power tariff through sale of power in open market

The blast furnace, sinter and the re-bar mill projects which are a part of 1.5 Integrated Steel Plant is also expected to be commissioned within this financial year.

About Monnet Group:

Monnet Ispat & Energy Limited (MIEL): MIEL is promoted by Mr. Sandeep Jajodia. Its principal activities include manufacturing and marketing of Sponge Iron, Steel and Ferro Alloys. In addition, MIEL is engaged in mining of mineral assets like coal & iron ore and is also involved in the generation of power for captive consumption. The Monnet Group has manufacturing facilities in Raipur and Raigarh in Chhattisgarh and is currently in the midst of implementing a 1.5 Million Tons integrated steel plant to produce plates, structural and rebar’s at its facility at Raigarh in Chhattisgarh to cater to the high growth infrastructure sector. MIEL through its subsidiary is now making measure of forays in the development of Merchant Power Plants and is currently implementing the first 1050 MW power plant at Angul.

Monnet Power Company Limited (MPCL): MPCL is currently executing a 1050 MW IPP in the state of Orissa backed by captive coal mines. The project consists of 2 units of 525 MW to be supplied by BHEL. The project has all its statutory approvals & clearances in place and has achieved financial closure. Both of these 525 MW each unit is expected to get commissioned between September and December 2012. The Company is now in the process of developing an additional 2000 MW which is expected to come up by June 2014.

Forward-Looking Statements:- This report contains forward –looking statements, which may be identified by their use of words like ‘plans’, ‘expects’, ‘will’, ‘anticipates’, ‘believes’, ‘intends’, ‘projects’, ‘estimates’ or other words of similar meaning. All statements that address expectations or projections about the future, including but not limited to statements about the company’s strategy for growth, market position, expenditures, and financial results, are forward –looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The company cannot guarantee that these assumptions and expectations are accurate or will be realized. The company’s actual results, performance or achievements could thus differ materially from those projected in any such forward – looking statements. The company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.

Key Contacts:

Accepting the position of Chairman for the ASSOCHAM National Council on Coal, Mr. Sandeep Jajodia said, “I would like to thank ASSOCHAM for the great honor and responsibility for which they have entrusted me the chairmanship of their National Council on Coal. The Indian coal sector, meeting more than 50% of India’s energy requirement, the sector is of strategic importance to the Indian economy. However, there are concerns associated with the Indian coal sector and there is a need to find workable solutions to these concerns. I believe that along with the support of all the committee members, we will be able to appropriately represent the concerns of the Indian Coal Industry and make a meaningful contribution towards it.”

About Monnet Group:

Monnet Ispat & Energy Limited (MIEL): MIEL is promoted by Mr. Sandeep Jajodia. Its principal activities include manufacturing and marketing of Sponge Iron, Steel and Ferro Alloys. In addition, MIEL is engaged in mining of mineral assets like coal & iron ore and is also involved in the generation of power for captive consumption. The Monnet Group has manufacturing facilities in Raipur and Raigarh in Chhattisgarh and is currently in the midst of implementing a 1.5 Million Tons integrated steel plant to produce plates, structural and rebar’s at its facility at Raigarh in Chhattisgarh to cater to the high growth infrastructure sector. MIEL through its subsidiary is now making measure of forays in the development of Merchant Power Plants and is currently implementing the first 1050 MW power plant at Angul.

Monnet Power Company Limited (MPCL): MPCL is currently executing a 1050 MW IPP in the state of Orissa backed by captive coal mines. The project consists of 2 units of 525 MW to be supplied by BHEL. The project has all its statutory approvals & clearances in place and has achieved financial closure. Both of these 525 MW each unit is expected to get commissioned between September and December 2012. The Company is now in the process of developing an additional 2000 MW which is expected to come up by June 2014.

Forward-Looking Statements:- This report contains forward –looking statements, which may be identified by their use of words like ‘plans’, ‘expects’, ‘will’, ‘anticipates’, ‘believes’, ‘intends’, ‘projects’, ‘estimates’ or other words of similar meaning. All statements that address expectations or projections about the future, including but not limited to statements about the company’s strategy for growth, market position, expenditures, and financial results, are forward –looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The company cannot guarantee that these assumptions and expectations are accurate or will be realized. The company’s actual results, performance or achievements could thus differ materially from those projected in any such forward – looking statements. The company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.

Key Contacts:

(Rs. In Crores)

New Delhi, May 12, 2011: Monnet Ispat & Energy Limited (MIEL) a flagship company of Monnet Group, the second largest coal-based sponge iron producer in the country announced its fourth quarter and annual results for FY11.

For the fourth quarter ended March 31, 2011, MIEL reported total income of Rs 445.55 crore. EBIDTA stood at Rs 135.02 crore. Net profit was at Rs 76.57 crore. The cash profit stood at Rs 96.11 crore.

Business of the company during the previous financial year comprised of sponge iron and power. Merchant market for power remained challenging as the prices fell from Rs 4.78 in the beginning of the year to Rs 3.10 towards the year end.

But in the in the steel segment, sponge iron, the principal contributor of revenue made up for the fall in revenue from the power segment and better sales realizations from the sponge iron improved the overall profitability and  profit margins. The steel business also saw some price volatilities in the middle of the financial year. However, in the last few months the prices have stabilized and on an overall basis the segment reported a healthy jump in both topline and bottomline.

Commenting on the results, Mr. Sandeep Jajodia, Executive Vice Chairman & Managing Director, MIEL, said, while the overall business environment continues to be challenging the company expects to register robust growth from the current financial year on account of rollout of various modules of steel expansion of 1.5 MTPA at Raigarh.

“We also expect a stable pricing and demand and supply regime in the current financial year in steel business and improvement in price realization of power going forward.” added further.

Operational Highlights for FY11

• Monnet Ispat & Energy Limited (MIEL) through its 100 % owned subsidiary Monnet Global Limited (MGL) completed the acquisition of Indonesian Coal Company – PT Sarwa Sembada Karya Bumi, at US$ 24 million in the Jambi province of Sumatra, Indonesia.

• Blackstone Group invested INR 2750 million for 12.5% equity stake in Monnet Power Company Limited, a subsidiary of Monnet Ispat & Energy Limited an independent power producer developing a 1050 MW coal fired power plant in Orissa, backed by pit head captive coal mines.

• Board of Directors also approved setting up of additional unit of 660 MW power plant by its subsidiary Monnet Power Company Limited.

• Monnet Ispat & Energy Limited became the first listed Corporate to become the principal sponsor of the Indian National Boxing Team.

About Monnet Group:

Monnet Ispat & Energy Limited (MIEL): MIEL is promoted by Mr. Sandeep Jajodia. Its principal activities include manufacturing and marketing of Sponge Iron, Steel and Ferro Alloys. In addition, MIEL is engaged in mining of mineral assets like coal & iron ore and is also involved in the generation of power for captive consumption. The Monnet Group has manufacturing facilities in Raipur and Raigarh in Chhattisgarh and is currently in the midst of implementing a 1.5 Million Tons integrated steel plant to produce plates, structural and rebar’s at its facility at Raigarh in Chhattisgarh to cater to the high growth infrastructure sector. MIEL through its subsidiary is now making measure of forays in the development of Merchant Power Plants and is currently implementing the first 1050 MW power plant at Angul.

Monnet Power Company Limited (MPCL): MPCL is currently executing a 1050 MW IPP in the state of Orissa backed by captive coal mines. The project consists of 2 units of 525 MW to be supplied by BHEL. The project has all its statutory approvals & clearances in place and has achieved financial closure. Both of these 525 MW each unit is expected to get commissioned between September and December 2012. The Company is now in the process of developing an additional 2000 MW which is expected to come up by June 2014.

Further information is available at http://www.monnetgroup.com

Forward-Looking Statements:- This report contains forward –looking statements, which may be identified by their use of words like ‘plans’, ‘expects’, ‘will’, ‘anticipates’, ‘believes’, ‘intends’, ‘projects’, ‘estimates’ or other words of similar meaning. All statements that address expectations or projections about the future, including but not limited to statements about the company’s strategy for growth, market position, expenditures, and financial results, are forward –looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The company cannot guarantee that these assumptions and expectations are accurate or will be realized. The company’s actual results, performance or achievements could thus differ materially from those projected in any such forward – looking statements. The company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.

Key Contacts:

New Delhi, March 21, 2011: Monnet Ispat & Energy Limited (MIEL) through its 100 % owned subsidiary Monnet Global Limited (MGL), completed the acquisition of Indonesian Coal Company – PT Sarwa Sembada Karya Bumi, at US$ 24 million in the Jambi province of Sumatra, Indonesia.

The acquisition gives MGL, access to one of the largest Thermal Coal Mine spreading over an area of 25,000 hectares. Presently, only 1500 hectares out of the entire 25,000 hectares have been explored and the company has been able to establish 65 million tonne of coal reserves in the mine and expects these reserves to go up substantially after completing exploration of the total land area.

The prestigious Coal Contract of Works (CCOW) also called (Perjanjian Karya Pengusahaan Pertambangan Batubara) PKP2B, which was awarded, to PT Sarwa, by the Government of Indonesia, subsequent to the acquisition gets transferred to MGL, making it amongst the very few Indian companies to have CCOW.

Commenting on the successful conclusion of the agreement, Mr. Sandeep Jajodia, Executive Vice Chairman & Managing Director, Monnet Group said, “The acquisition of the Indonesian Coal Company PT Sarwa is of strategic importance for the Group as the logistic of the mine is excellent and being located in Sumatra, the shipping cost and low transit time to India will make the coal very cost effective. It will also provide, low cost fuel for our planned coast based Power Projects. We plan to mine more coal than required for our captive needs, for selling in the open market which will be a long term source of revenue, as there seems to be good potential for the reserves to go up substantially. The worldwide coal markets are expected to do very well in the coming years and especially India and China would remain strong buyers.”

“Keeping in mind the high coal prices, the valuation of such coal assets have gone up many folds in the recent times. We have been able to close the deal at a very low value as the agreement with PT Sarwa was initially executed in 2008 however the process and regulatory procedures for actual transfer took a long time to finally close the deal.” Mr. Jajodia further shared.

About Monnet Group:

Monnet Global Limited (MGL): MGL a wholly owned subsidiary of Monnet Ispat & Energy Limited having offices in Dubai, Jakarta and Johannesburg (South Africa), does  all the global acquisitions and mergers for the group.

Monnet Ispat & Energy Limited (MIEL): MIEL is promoted by Mr. Sandeep Jajodia. As the second largest coal based sponge iron producer in India and an integrated steel player, the Group has an added advantage of operating largest underground coal mine in the country besides mining other raw material for captive use.

MIEL has manufacturing facilities in Raipur & Raigarh in Chhattisgarh and is currently implementing its ambitious 1.5 MTPA integrated steel plant at Raigarh at a cost of US$ 1 billion, Chhattisgarh to produce plates, structural and rebar’s.

Group’s future plans also includes investing another US$ 3.2 billion in installing power capacity of 3000 MW of which 1050 MW of IPP backed with captive coal mine is fast coming up in Angul, Orissa and would emerge as amongst the lowest cost generating units in the world.

MIEL, a leading enterprise in its field, is making rapid expansion to leverage its competitive edge in advantage by further integrating operations both backwards and forwards and moving up the value chain.

Monnet Power Company Limited (MPCL): MPCL is currently executing a 1050 MW IPP in the state of Orissa backed by captive coal mines. The project consists of 2 units of 525 MW to be supplied by BHEL. The project has all its statutory approvals & clearances in place and has achieved financial closure. Both of these 525 MW each unit is expected to get commissioned between September and December 2012. The Company is now in the process of developing an additional 2000 MW which is expected to come up by June 2014.

Further information is available at http://www.monnetgroup.com

Key Contacts:

All figures in Rs Crore unless stated otherwise

New Delhi, February 08, 2011: Monnet Ispat & Energy Limited (MIEL) a flagship company of Monnet Group promoted by Mr. Sandeep Jajodia, is the second largest coal-based sponge iron producer in the country, today reported net profit of Rs. 70.18 Cr for the quarter ended December 31, 2010, for the quarter net sales stood at Rs. 347 Cr and EBITDA was at Rs 110.92 crore. EPS was at Rs. 11.28.

Commenting on the results, Mr. Sandeep Jajodia, Executive Vice Chairman & Managing Director, MIEL, said,
The principal product of the company is sponge iron and power generation. The previous quarter has been very challenging both in the steel business as well as well as the power sales. The merchant power rates crashed from an average tariff of Rs.4.90 per unit in the first quarter to a net realization of Rs.3.39 per unit in the quarter. There is no decline in the power demand however the prices crashed mainly on account of the reluctance of the State Electricity Boards to buy power on the spot market.
In the steel segment the prices struggled for the first half of the quarter and started to improve towards the second half and the company has reported the net increase in the realization of sponge iron on sequential quarter basis.

The company’s margins remain protected on account of lower cost of its main raw material, which is iron ore. Although the market prices of iron ore relatively firmed up during the quarter but the efficient management of the raw material and the prices helped the company to reduce the iron ore cost. During the quarter the company operationalized iron ore washery plant at Raigarh and beneficiated low grade iron ore and blended with the sized iron ore to achieve a better cost.

Commenting on the growth drivers for the coming quarters, Mr. Jajodia added,
The company reports that the iron ore prices continue to show improvement in the current quarter and already hovering around Rs.19, 000 per tonne and the prices are likely to sustain in future. Since the realization from the power sales is likely to improve with the improved off take of power from State Electricity Board, however a strong momentum in merchant rates of power is likely to gain by the next quarter.
The steel expansion is also progressing on schedule at Raigarh and the first module of the plant in the form of 80 MW power plant will start commissioning from the next quarter. The expansion will further roll out in the subsequent quarters.
The company also announced an additional capacity of 660 MW to be put up at Angul, Orissa at the existing location where the company is already putting up a 1050 MW power plant.

About Monnet Group:

Monnet Ispat & Energy Limited (MIEL): MIEL is promoted by Mr. Sandeep Jajodia. Its principal activities include manufacturing and marketing of Sponge Iron, Steel and Ferro Alloys. In addition, MIEL is engaged in mining of mineral assets like coal & iron ore and is also involved in the generation of power for captive consumption. The Monnet Group has manufacturing facilities in Raipur and Raigarh in Chhattisgarh and is currently in the midst of implementing a 1.5 Million Tons integrated steel plant to produce plates, structural and rebar’s at its facility at Raigarh in Chhattisgarh to cater to the high growth infrastructure sector. MIEL through its subsidiary is now making measure of forays in the development of Merchant Power Plants and is currently implementing the first 1050 MW power plant at Angul.

Monnet Power Company Limited (MPCL): MPCL is currently executing a 1050 MW IPP in the state of Orissa backed by captive coal mines. The project consists of 2 units of 525 MW to be supplied by BHEL. The project has all its statutory approvals & clearances in place and has achieved financial closure. Both of these 525 MW each unit is expected to get commissioned between September and December 2012. The Company is now in the process of developing an additional 2000 MW which is expected to come up by June 2014.

Further information is available at http://www.monnetgroup.com

Forward-Looking Statements:- This report contains forward –looking statements, which may be identified by their use of words like ‘plans’, ‘expects’, ‘will’, ‘anticipates’, ‘believes’, ‘intends’, ‘projects’, ‘estimates’ or other words of similar meaning. All statements that address expectations or projections about the future, including but not limited to statements about the company’s strategy for growth, market position, expenditures, and financial results, are forward –looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The company cannot guarantee that these assumptions and expectations are accurate or will be realized. The company’s actual results, performance or achievements could thus differ materially from those projected in any such forward – looking statements. The company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.

Key Contacts:

Ms. Neetal Naarang
Head – Corporate Communication
neetal.naarang@monnetgroup.com
Monnet Group, 011 – 29229652, 53

Raipur (CG)/ New Delhi; December 13, 2010; Monnet Group, in a glittering ceremony presided by Dr. Raman Singh, Honourable Chief Minister of Chhattisgarh, Ms. Lata Usandi, Honourable Sports Minister of Chhattisgarh, Shri Bhupender Singh, Vice President, Secretary General of Indian Boxing Federation and other eminent dignitaries felicitated the Indian boxers who had won medals in the recently concluded 16th Asian Games. Monnet has taken this initiative to bring the top winning boxers to Raipur, capital of Chhattisgarh which has a high potential of emerging as a sports city.

Monnet Group felicitated nine medallists, two who won Gold Medals Vijender Singh & Vikas Krishan by presenting them a cheque of Rs 3 lac each, three Silver Medal winners V Santosh Kumar, Dinesh Kumar & Manpreet Singh by presenting them a cheque of Rs.2 lac each, four Bronze medal winners M. Suranjoy, Paramjeet Samota, Mary Kom and Kavita Goyat by presenting them a cheque of Rs 1 lac each.

Monnet Group conferred the honour of “Monnet Men of Steel” and “Monnet Women of Power” to these Boxers. Along with felicitation of the medal winners, Monnet Group also felicitated the coaches of the Indian boxing team.

Commenting on the same, Mr. Sandeep Jajodia, Executive Vice Chairman & Managing Director, Monnet Ispat & Energy Limited said, “While the stupendous performances of Indian sportsmen, India created history by recording their best-ever performance in Asian Games 2010 with 64 medals, including 14 gold and I am so overwhelmed to see the standard of boxing touching great heights. I am really glad to see boxers’ skills, especially from China, Uzbekistan, Kazakhstan and India, who have the strongest boxers at these Games. We are extremely gratified to honour the achievement of our boxers and would continue to support them and the Indian Boxing Federation to bring out best potential in these athletes to enable them to become world class boxers”.

“I personally feel with our continuous support and motivation along with the hard work and training expertise of the coaches our boxers will bring our country to new heights in the boxing arena”. Mr. Jajodia added.

Monnet Ispat & Energy Limited had signed a path breaking deal with Indian Boxing Federation to become a team and kit sponsor for the next three years. With this association Monnet becomes the only corporate & listed company to promote amateur boxing in the country. It’s Monnet Group’s conscious effort towards Nation Building and a serious CSR attempt to adapt a sport. The sponsorship deal covers the entire Indian team –men’s senior, junior and sub junior teams along with the women’s senior, junior and sub junior teams.

About Monnet Group:

Monnet Ispat & Energy Limited: MIEL is promoted by Mr. Sandeep Jajodia. Its principal activities include manufacturing and marketing of Sponge Iron, Steel and Ferro Alloys. In addition, MIEL is engaged in mining of mineral assets like coal & iron ore and is also involved in the generation of power for captive consumption and for Merchant Power. The Monnet Group has manufacturing facilities in Raipur and Raigarh in Chhattisgarh and is currently in the midst of implementing a 1.5 Million Tons integrated steel plant to produce plates, structurals and rebars at its facility at Raigarh in Chhattisgarh to cater to the high growth infrastructure sector. MIEL through its subsidiary is now making measure of forays in the development of Merchant Power Plants and is currently implementing the first 1050 MW power plant at Angul.

Monnet Power Company Limited: MPCL is an IPP that is in the process of developing power generation capacity of 1050 MW. The Company is finalizing the plans to augment its power generation capacity to 3000 MW.

Further information is available at http://www.monnetgroup.com

Key Contacts:

Mr. Baid having rich experience of almost 36 years, is a Gold Medalist from the 1974 batch of BE (Hons) Mechanical Engineering Practice from B.I.T.S. Pilani with an MBA in Project Management, Mr. Baid has been a key senior management resource with metal, mining &  energy major Vedanta Resources Plc since 2001,  leading their acquired companies
like MALCO in Tamil Nadu as President (2001~03), BALCO in Chhattisgarh as President & Whole Time Director (2003~06), Konkola Copper Mines Plc in Zambia as Director – Operations (2007~08), CEO Sterlite Energy (2008-09) and Director-Karnataka Mining Operations of Sesa Goa.

Mr. Baid in past has also worked with various organizations of repute like Southern Iron & Steel Company, Atul Limited, Gujarat, Hindustan Unilever Ltd and with Engineers India Ltd where he started his career.
“We are pleased to welcome Mr. C P Baid to our team, a technocrat, having rich experience at various levels in diversified sectors. As we are dedicated to expanding our market share and extending the delivery and value to our stakeholder at large, he will be a valuable contributor in accelerating the activities of our Group,” said Mr. Sandeep Jajodia, Executive Vice Chairman & Managing Director, Monnet Ispat & Energy Limited.

Commenting on joining Monnet Ispat & Energy Limited as Deputy Managing Director, Mr. C P Baid said, “Monnet is a robust and fundamentally strong company with major business operations in the power, mining and steel sector. I feel that with my experience and support from the management and colleagues we will be able to achieve company’s vision”.

Notes to the Editor:
About Monnet Group:

Monnet Ispat & Energy Limited (MIEL): MIEL is promoted by Mr. Sandeep Jajodia. Its principal activities include manufacturing and marketing of Sponge Iron, Steel and Ferro Alloys. In addition, MIEL is engaged in mining of mineral assets like coal & iron ore and is also involved in the generation of power for captive consumption. The Monnet Group has manufacturing facilities in Raipur and Raigarh in Chhattisgarh and is currently in the midst of implementing a 1.5 Million Tons integrated steel plant to produce plates, structural and rebar’s at its facility at Raigarh in Chhattisgarh to cater to the high growth infrastructure sector. MIEL through its subsidiary is now making measure of forays in the development of Merchant Power Plants and is currently implementing the first 1050 MW power plant at Angul.

Monnet Power Company Limited (MPCL): MPCL is currently executing a 1050 MW IPP in the state of Orissa backed by captive coal mines. The project consists of 2 units of 525 MW to be supplied by BHEL. The project has all its statutory approvals & clearances in place and has achieved financial closure. Both of these 525 MW each unit is expected to get commissioned between September and December 2012. The Company is now in the process of developing an additional 2000 MW which is expected to come up by June 2014.

Further information is available at http://www.monnetgroup.com

Key Contacts:

Ms. Neetal Naarang Anil Malhotra

Head – Corporate Communication                               Aadi Media Pvt. Ltd.

Monnet Group, 011 – 29229652, 53 9810154657

Financial Highlights:

All figures in Rs Crore unless stated otherwise

New Delhi, October 28, 2010; Monnet Ispat & Energy Limited (MIEL) a flagship company of Monnet Group, which is the second largest coal-based sponge iron producer in the country, has announced 15% growth in net sales for the second quarter ended September 30, 2010 at Rs 360.65 crore. Net profit for the same period stood at Rs 65.60 crore up 2% from Rs 64.21 crore in the same period last fiscal. EBITDA for the period stood at Rs 104.69 crore up 8.5%.

Commenting on the results, Mr. Sandeep Jajodia, Executive Vice Chairman & Managing Director, MIEL, said,

“Our strong operational efficiencies, backward integration initiatives have helped us report better performance in the second quarter, in spite of lower production in Sponge Iron and Power, due to maintenance shut downs and increase in Iron Ore prices and above all low realization on account of Power sales. We are in the process of augmenting our capacities in steel to 1.8 million TPA with 80MW of incremental captive power plant to be operational by the end of FY11. The company is also on track to set up 1050 MW merchant power plant under its subsidiary Monnet Power Company Limited.”

“Going forward, once these expanded capacities start commissioning, it will help Company generate higher revenues and profitability thereby maximizing the stakeholder’s wealth.” added Mr. Jajodia.

Commenting on the growth drivers for the coming quarters, Mr. Jajodia added,

“The 1050 MW power project at Angul, Orissa has achieved financial closure, with Blackstone Capital investing $60 million for a 12.5% stake and $800 million of debt tie-up. The plant is scheduled to be commissioned by FY12. The company has already signed a long term power purchase agreement with Power Trading Corporation (PTC) for 600 MW and additional 250 MW with Orissa government so far for this project”.

Commenting on the Business Outlook, Mr. Jajodia, said,

“Sponge iron prices are likely to rise in coming months, due to demand for long steel from infrastructure companies. Long steel demand, which is directly linked to the growth in the country’s gross domestic product (GDP), has to go hand in hand. Since the government is forecasting an eight per cent-plus growth in GDP, long steel demand should rise proportionately”.

About Monnet Group:

Monnet Ispat & Energy Limited (MIEL): MIEL is promoted by Mr. Sandeep Jajodia. Its principal activities include manufacturing and marketing of Sponge Iron, Steel and Ferro Alloys. In addition, MIEL is engaged in mining of mineral assets like coal & iron ore and is also involved in the generation of power for captive consumption. The Monnet Group has manufacturing facilities in Raipur and Raigarh in Chhattisgarh and is currently in the midst of implementing a 1.5 Million Tons integrated steel plant to produce plates, structural and rebar’s at its facility at Raigarh in Chhattisgarh to cater to the high growth infrastructure sector. MIEL through its subsidiary is now making measure of forays in the development of Merchant Power Plants and is currently implementing the first 1050 MW power plant at Angul.

Monnet Power Company Limited (MPCL): MPCL is currently executing a 1050 MW IPP in the state of Orissa backed by captive coal mines. The project consists of 2 units of 525 MW to be supplied by BHEL. The project has all its statutory approvals & clearances in place and has achieved financial closure. Both of these 525 MW each unit is expected to get commissioned between September and December 2012. The Company is now in the process of developing an additional 2000 MW which is expected to come up by June 2014.

Further information is available at http://www.monnetgroup.com

Forward-Looking Statements:- This report contains forward –looking statements, which may be identified by their use of words like ‘plans’, ‘expects’, ‘will’, ‘anticipates’, ‘believes’, ‘intends’, ‘projects’, ‘estimates’ or other words of similar meaning. All statements that address expectations or projections about the future, including but not limited to statements about the company’s strategy for growth, market position, expenditures, and financial results, are forward –looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The company cannot guarantee that these assumptions and expectations are accurate or will be realized. The company’s actual results, performance or achievements could thus differ materially from those projected in any such forward – looking statements. The company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.

Key Contacts:

Ms. Neetal Naarang Anil Malhotra

Head – Corporate Communication                               Aadi Media Pvt. Ltd.

Monnet Group, 011 – 29229652, 53 9810154657

In a glittering ceremony today, Monnet Group felicitated seven medallists, three who won Gold Medals Suranjoy Singh in 52 kgs weight category, Manoj Kumar in 64kgs weight category and Paramjeet Samota in +91 kgs weight category by presenting them a cheque of Rs. 3 lac each & four Bronze Medal winners – Amandeep Singh in 49 kgs weight category, Jai Bhagwan in 60 kgs weight category, Dilbag Singh in 69 kgs weight category & Vijender Singh in 75 kgs weight category by presenting them a cheque of Rs. 1 lac each and conferred the honour of “Monnet Men of Steel”.

While Monnet Group is known for its rich value and culture and has supported not only the medal winners, it also felicitated the coaches and support staff of the Indian Boxing team. The names includes, Mr GS Sandhu – Chief Coach, Mr BI Farnandaz – Cuban Coach, Mr Jay Dev Bisht – Coach, Mr CA Kuttappa – Coach, Dr Karanjit Singh – Team Doctor, Mr Hari Shankar Varma – Physiotherapist, Mr Bismillah Khan – Masseur.

It is pertinent to note the association of Monnet Group with Indian Boxing federation that continues its support for development and providing impetus to boxing in India.

Monnet Ispat & Energy Limited had signed a path breaking deal of $ 1 million with Indian Boxing Federation to become a team and kit sponsor for the next three years. With this association Monnet becomes the only corporate & listed company to promote amateur boxing in the country. It’s Monnet Group’s conscious effort towards Nation Building and a serious CSR attempt to adapt a sport. The sponsorship deal covers the entire Indian team –men’s senior, junior and sub junior teams along with the women’s senior, junior and sub junior teams.

Commenting on the same, Mr. Sandeep Jajodia, Executive Vice Chairman & Managing Director, Monnet Ispat & Energy Limited said,

“The stupendous performances of Indian athletes/sportsmen have helped India win 101 medals at CWG 2010, thereby making it the most successful CWG games till date with 38 gold, 27 silver and 36 bronze medals. We are extremely gratified to honour the achievement of our boxers and would continue to support them and the Indian Boxing Federation to bring out best potential in these athletes to enable them to become world class boxers”.

“I personally feel that it is the sheer hard work and training expertise of the coaches that have helped our boxers perform so well and we feel proud to reward the constant efforts of the coaches and the support staff for enhancing the performance of our boxers.

About Monnet Group:

Monnet Ispat & Energy Limited: MIEL is promoted by Mr. Sandeep Jajodia. Its principal activities include manufacturing and marketing of Sponge Iron, Steel and Ferro Alloys. In addition, MIEL is engaged in mining of mineral assets like coal & iron ore and is also involved in the generation of power for captive consumption and for Merchant Power. The Monnet Group has manufacturing facilities in Raipur and Raigarh in Chhattisgarh and is currently in the midst of implementing a 1.5 Million Tons integrated steel plant to produce plates, structurals and rebars at its facility at Raigarh in Chhattisgarh to cater to the high growth infrastructure sector. MIEL through its subsidiary is now making measure of forays in the development of Merchant Power Plants and is currently implementing the first 1050 MW power plant at Angul.

Monnet Power Company Limited:

MPCL is an IPP that is in the process of developing power generation capacity of 1050 MW. The Company is finalizing the plans to augment its power generation capacity to 3000 MW.

Further information is available at http://www.monnetgroup.com

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