MUMBAI: Essar Group has discussed the sale of its captive port and power plant in Hazira, Gujarat, for Rs 8,500-10,000 crore with ArcelorMittal, multiple people aware of the discussions said. In a sign that the London-based steelmaker has gained an upper hand in the race to buy out Essar Steel, a team led by the group’s director strategy and M&A, Vikash Saraf, visited London to negotiate with chairman Lakshmi Mittal and son Aditya for the sale. According to officials present, they were also joined by Prashant Ruia via video conferencing from Mumbai, although this could not be independently verified.
These two assets are not part of the Essar Steel resolution plan but are essential for the 10 mtpa plant in terms of raw materials and power supply. Both are located in the same coastal complex.
