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25 September 2022 The on-line newspaper devoted to the world of transports 08:09 GMT+2

August 26, 2022

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Original news
Essar sells port infrastructure in India to Arcelor Mittal Nippon Steel

Transaction worth $2.4 billion

The Indian investment company Essar has signed a binding agreement worth $2.4 billion with the compatriot Arcelor Mittal Nippon Steel (AM/NS), joint venture between the steel groups ArcelorMittal and Nippon Steel, to sell them port infrastructure operated through the subsidiary Essar Ports, including those related to plant activity AM/NS steel plant in Hazira, Surat Indian district (Gujarat). The agreement also includes a commitment to form a joint venture 50:50 between the two parties that will have to realize four liquefied natural gas terminal in Hazira.

The transaction, which will be financed with own funds of AM/NS, provided by Arcelor Mittal Nippon Steel the acquisition of port infrastructure both in the State of Gujarat, in western India, which in the States of Andhra Pradesh and Odisha, in Eastern India, particularly in the ports of Visakhapatnam and Paradip, infrastructure mainly used for the handling of raw materials but also of various goods. Yes is a terminal in the port of Hazira with the capacity of annual traffic of 25 million tonnes, of a terminal at Visakhapatnam with a capacity of 16 million tonnes and a terminal in Paradip with a capacity of 12 million tons per year. In addition, the agreement includes the sale to AM/NS two power plants and a power line.

Essar pointed out that the agreement represents a moment crucial in the restructuring of the company that, after four years of consolidation of its activities, it is time entered the next phase of growth.

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