Essar completes sale of port assets to Arcelor/Nippon
PORTS & SHIPPING

Essar completes sale of port assets to Arcelor/Nippon

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.”

See also:
Haifa Port to be purchased by APSEZ and Gadot Chemical Terminals JV
MoEFCC gives green clearance for project in Greater Nicobar


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.” See also: Haifa Port to be purchased by APSEZ and Gadot Chemical Terminals JVMoEFCC gives green clearance for project in Greater Nicobar

Next Story
Infrastructure Energy

India, Brazil Discuss Energy Ties And Oil Investments

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri held discussions with Celso Luis Nunes Amorim, Special Advisor to the President of Brazil, and senior Brazilian officials to strengthen bilateral cooperation in the oil, gas, and energy transition sectors. The talks took place during a dinner hosted by Kenneth H da Nobrega, Ambassador of Brazil to India, at his residence in New Delhi.Mr Puri said the meeting focused on Indian investments in Brazil’s oil and gas sector, as well as expanding collaboration in energy transition and biofuels. “The enriching conversation revolved ar..

Next Story
Infrastructure Energy

ONGC To Invest Rs 8.11 Billion In Andhra Onshore Oil, Gas Project

The Oil and Natural Gas Corporation Limited (ONGC) is set to invest Rs 8.11 billion for the onshore development and production of oil and gas from 172 wells across eight Production Mining Licence (PML) blocks in Andhra Pradesh.A committee under the Ministry of Environment, Forest and Climate Change (MoEFCC) has recommended environmental clearance (EC) for the project during a review meeting held last month.According to the Expert Appraisal Committee (EAC) minutes, the total project cost is estimated at Rs 8.11 billion, with a capital allocation of Rs 172 million towards the Environment Managem..

Next Story
Infrastructure Energy

Tripura To Supply 40 MW Power To Mizoram For Christmas

The Tripura State Electricity Corporation Limited (TSECL) will supply 40 megawatts (MW) of power to Mizoram during the upcoming Christmas celebrations, continuing a long-standing tradition of power exchange between the two north-eastern states, officials confirmed on Sunday.During Durga Puja, the Mizoram State Power Corporation (MSPC) had supplied an equivalent 40 MW of electricity to Tripura to ensure an uninterrupted power supply during the festive period.“We had an agreement to receive 40 MW during Durga Puja, although the full amount was not utilised due to lower-than-expected demand in ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?