Essar completes sale of port assets to Arcelor/Nippon

23 Nov 2022 CW Team

Essar Ports & Terminals Ltd (EPTL) and Essar Power Ltd (EPL) have concluded the sale of captive ports and power assets located in Hazira and Paradip to Arcelor Mittal Nippon Steel India (AM/NS) in a $2.05 billion (Rs 165 billion) deal. The infrastructure assets sold include a 270 MW power plant and 25 MPTA port at Hazira, Gujarat and a 12 MPTA port at Paradip, Odisha.

Prashant Ruia, director, Essar Capital, said, “Essar has concluded its asset monetisation programme and completed the debt repayment of $25 billion (Rs 2 trillion), effectively making the group debt-free from Indian banks and financial institutions.”

Essar continues to have a significant presence and substantial operating assets in all its core verticals – energy, metals and mining, infrastructure and logistics and technology and retail. The privately held group currently has revenues of $15 billion (Rs 1.2 trillion) and assets under management of $8 billion (Rs 640 billion) within and outside India.

Rewant Ruia, director, Essar Ports Terminals, said, “In a planned and strategic manner, we have monetised assets that we built over last 30 years. We are now reinvesting in our existing operations and in building new assets, both in India and overseas, with more efficient, latest and carbon neutral new-age technologies, which will be sustainable.”

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