Essar, ArcelorMittal Nippon Steel in $2.4-bn pact for infrastructure assets
Essar group on Friday announced the signing of a $2.4-billion (Rs 19,000 crore) pact to sell certain ports and power infrastructure assets to ArcelorMittal Nippon Steel (AM/NS). These assets are captive to the operations of the Hazira steel plant in Gujarat. The steel unit, which belonged to Essar, was taken over in 2019 by AM/NS via the IBC (Insolvency and Bankruptcy Code) route.
The Ruias-led firm said the deal also envisages a 50:50 joint venture between Essar and AM/NS for building a 4 million tonne a year LNG import terminal at Hazira.
Separately, AM/NS India said in a statement that the deal covers port assets in Gujarat, Andhra Pradesh and Odisha, as well as two power plants at Hazira and an electricity transmission line.
