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.

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?