Essar Group Signed A Deal Of 19 Thousand Crores With ArcelorMittal

For $2.4 billion, or roughly?19,158 crore, ArcelorMittal Nippon Steel (AM/NS) India will acquire a number of infrastructure assets from Essar Group, including three ports, two power plants, and a power transmission line. The assets are mostly used for captive purposes by AM/NS India's steelmaking operations, which it acquired through the bankruptcy court in 2019 when it acquired Essar Steel India.

Essar Group has signed a major agreement with ArcelorMittal. Under this agreement of Rs 19,158  crore, LNG terminal will be constructed at Hazira in Gujarat. Essar Group has issued a statement saying that it has finalized the agreement with ArcelorMittal Nippon Steel. This deal is worth about 19 thousand crores in Indian rupees. Essar Group on Friday said that it has inked a deal worth USD 2.4 billion (about Rs 19,000 crore in Indian rupees) to sell its port business to ArcelorMittal Nippon Steel Ltd. The group said in its statement that it has finalized the agreement with ArcelorMittal Nippon Steel. The agreement pertains to the company's port and energy sector assets where mainly Hazira Steel Plant is operated. The statement further said that in this agreement between Essar and ArcelorMittal, both the companies will form a joint venture with a 50-50 percent stake to build a 4 MTPA LNG terminal at Hazira in Gujarat.