AION Investments, a joint venture between India-focused ICICI Venture Funds Management and U.S.-based alternative investment firm Apollo Global Management, and India-based steel manufacturer JSW Steel have agreed to acquire a 75 percent stake in bankrupt India-based steel and sponge iron producer Monnet Ispat & Energy for INR37 billion (approximately US$570 million). AION and JSW hold 70 percent and 30 percent stakes, respectively, in the entity that bid to take control of Monnet Ispat. Under the reported terms of the transaction, INR26.5 billion (approximately US$408 million) of the consortium’s commitment will be paid to the company’s creditors while the remaining INR10.5 million (approximately US$162 million) will be invested as equity in Monnet Ispat, which is listed on the Bombay Stock Exchange and National Stock Exchange of India. The deal has been approved by Monnet Ispat’s creditors but is subject to regulatory approval.