Essar Group to sell infra assets to ArcelorMittal Nippon Steel
Steel

Essar Group to sell infra assets to ArcelorMittal Nippon Steel

ArcelorMittal Nippon Steel (AM/NS) India will acquire a clutch of infrastructure assets including three ports, two power plants and a power transmission line from Essar Group for $2.4 billion, or about Rs 19,158 crore, the companies said in separate statements.

The assets are mainly for captive use for the steelmaking operations of AM/NS India that had acquired Essar Steel India through the bankruptcy court in 2019. ArcelorMittal and Essar Group have also agreed to form a 50-50 joint venture partnership for building a four million tonne per annum (mtpa) LNG terminal at Hazira in Gujarat.

For ArcelorMittal Nippon Steel, the deal will mean better control and synergy in its end-to-end ore to finished steelmaking. For the Ruias of Essar, it provides an opportunity to focus on rebuilding their business empire. The 'win-win' deal will also perhaps end a three-year-old tussle between AM/NS India and Essar Group that saw both parties taking their differences to the courts, people aware of the development said.

ArcelorMittal Nippon Steel (AM/NS) India will acquire a clutch of infrastructure assets including three ports, two power plants and a power transmission line from Essar Group for $2.4 billion, or about Rs 19,158 crore, the companies said in separate statements. The assets are mainly for captive use for the steelmaking operations of AM/NS India that had acquired Essar Steel India through the bankruptcy court in 2019. ArcelorMittal and Essar Group have also agreed to form a 50-50 joint venture partnership for building a four million tonne per annum (mtpa) LNG terminal at Hazira in Gujarat. For ArcelorMittal Nippon Steel, the deal will mean better control and synergy in its end-to-end ore to finished steelmaking. For the Ruias of Essar, it provides an opportunity to focus on rebuilding their business empire. The 'win-win' deal will also perhaps end a three-year-old tussle between AM/NS India and Essar Group that saw both parties taking their differences to the courts, people aware of the development said.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code