Essar inks $2.4 bn deal to sell ports business to ArcelorMittal Nippon Steel

The pact will boost the steelmaker’s India business and free up the Ruias to settle debts.

After a lengthy court battle, ArcelorMittal Nippon Steel India and Essar have agreed to settle their differences by signing a $2.4 billion (Rs 19,000 crore) deal that will see the Aditya Mittal-led company take over critical port and power infrastructure controlled by the Ruia family. 

These assets include the port in Hazira, where the ArcelorMittal Nippon Steel facility is located. The company will also take over ports in Visakhapatnam (Andhra Pradesh) and Paradip (Odisha). The power assets include a multi-fuel power plant and a gas-based power plant, both located in Hazira. Finally, there is a 100 km transmission line that …


Prince M. Thomas

Prince leads the newsroom at The Morning Context as managing editor. A fascination with the written word has taken Prince to some of the leading newsrooms across the country, including The Economic Times, Dow Jones Newswires, Forbes India and Moneycontrol. In a career spanning 20 years, Prince has led teams, managed pages, projects and special editions, and has authored The Consolidators, published by Penguin Random House in 2017.

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