Ruias, ArcelorMittal to resolve Hazira dispute
Steel

Ruias, ArcelorMittal to resolve Hazira dispute

As per the sources, ArcelorMittal and the Ruias of Essar are expected to sort out their disagreement over a captive port in Hazira and adjoining power assets with both parties making a verbal commitment to settle the matter.

A senior spokesperson, who didn’t want to be identified, said that it will be an all-inclusive deal involving the entire energy and logistics infrastructure – power plants, transmission lines and the port captive to the Hazira steel plant.

The Ruias are seeking about $2.5 billion for the assets to pay off the bank debt on these assets, estimated at around $3 billion. A final decision is awaited soon.

The Hazira steel plant is the country’s largest single-location flat steel plant. It was set up by Essar at a cost of more than Rs 30,000 crore and was acquired by Arcelor Mittal in bankruptcy proceedings in 2018-19.

As per the sources, ArcelorMittal and the Ruias of Essar are expected to sort out their disagreement over a captive port in Hazira and adjoining power assets with both parties making a verbal commitment to settle the matter.A senior spokesperson, who didn’t want to be identified, said that it will be an all-inclusive deal involving the entire energy and logistics infrastructure – power plants, transmission lines and the port captive to the Hazira steel plant.The Ruias are seeking about $2.5 billion for the assets to pay off the bank debt on these assets, estimated at around $3 billion. A final decision is awaited soon.The Hazira steel plant is the country’s largest single-location flat steel plant. It was set up by Essar at a cost of more than Rs 30,000 crore and was acquired by Arcelor Mittal in bankruptcy proceedings in 2018-19.

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