Ajay Relan, a non-executive independent director at Monnet Ispat & Energy Ltd, has stepped down from his position at India’s second-largest coal-based sponge iron producer.
“Ajay Relan, director, has informed that in view of conflict of interest as mandated by the funds he advises, he relinquishes the office of director and the membership in the committees of the boardof director of Monnet Ispat with immediate effect,” the company said in a filing.
Relan’s association with Monnet Ispat goes back to the time when he had invested in the company while working at Citi Venture Capital International. He served as a director of Monnet Ispat until August 19, 2008 and has been working as an independent non-executive director since 2010.
Monnet Ispat counts Blackstone as a shareholder, with private equity major’s Amit Dixit on the board of the company. CX Partners picked up a stake in Monnet Ispat in 2010 for Rs 150 crore from the secondary market.
Founded in 1995, Monnet Ispat, a steel manufacturing company, is engaged in the manufacture and sale of sponge iron, steel and ferro alloys. The firm’s products include iron and non-alloy steel ingots and billets. It is also involved in coal mining and power generation.