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Arcelor Mittal Nippon Steel signs a ₹19,000 crore deal to buy Essar’s port and power assets

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  • Essar announced Friday that it will sign definitive agreements with Arcelor Mittal Nippon Steel (AM/NS) for certain port and power infrastructure assets primarily destined for Hazira steel mill operations.
  • The deal also foresees a 50-50 Joint Venture partnership to build a 4 MTPA LNG terminal in Hazira, Gujarat, between Essar and ArcelorMittal.
  • With this deal, Essar will complete its planned monetization program and complete its $25 billion (Rs 2,000,000 crore) debt repayment plan, with the Indian banking sector almost fully repaid.

In one of the largest post-pandemic mergers and acquisitions in IndiaEssar announced Friday that it has signed definitive agreements with Arcelor Mittal Nippon Steel (AM/NS) for certain port and power infrastructure assets primarily destined for Hazira steel mill operations.

The deal also foresees a 50-50 Joint Venture partnership to build a 4 MTPA LNG terminal in Hazira, Gujarat, between Essar and ArcelorMittal.

Rewant Ruia, Director of Essar Ports & Terminals Limited, said: “With this deal, which delivers a multiple return on our investments, Essar Ports & Terminals has unlocked value for all its stakeholders and will continue to focus on building new and modern core infrastructure assets in India and abroad.”

Prashant Ruia, Director, Essar capitalsaid: “Essar is now repositioned for growth and resurgence. After consolidating our businesses over the past 4 years, we have now entered the next phase of growth focused on helping build a sustainable energy future that will impact livelihoods and livelihoods for a greener world.”

With this deal, Essar will complete its planned monetization program and complete its $25 billion (Rs 2,000,000 crore) debt repayment plan, with the Indian banking sector almost fully repaid. Essar’s total revenue will be $15 billion (Rs 1.2 lakh crore) and an AUM (Asset Under Management) of $8 billion (Rs 64,000 crore), comprising various assets spread across India and abroad.

These energy sector assets include a 10 MTPA refinery in the UK, 15 TCF reserves (including some producing fields) of unconventional hydrocarbons in India and Vietnam and a 1200 MW power plant in India; Infrastructure assets include a UK storage terminal with a capacity of 3 million m3 and a 20 MTPA port in India; The assets of the Metals and Mining sector include a major iron ore mining and pellet project in the US; The assets of the technology and services sector include global EPC business and IT solutions with centers in more than 30 countries.

By monetizing assets built in recent years with previous technologies in a planned and strategic manner, Essar is now ready to reinvest in new assets with the latest, more efficient and ESG compliant technologies that will last for decades to come.

Essar has planned significant investments in its core energy, infrastructure, metals & mining and technology & services sectors.

While ongoing businesses will provide operational stability, our renewed focus will be on moving existing assets to green and investing in sector-transforming clean businesses around the investment themes of decarbonisation and digitalisation.

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