AM/NS India acquire port assets, power plant from Essar

ArcelorMittal Nippon Steel India (AM/NS India) has concluded a transaction to acquire two port assets and a power plant from the Essar Group for a net value of approximately INR 16,500 crore having received requisite corporate and regulatory approvals. This transaction follows an August 2022 agreement with Essar to acquire several power and infrastructure assets that are either captive or allied to AM/NS India’s operations.

The following cash generating assets are now wholly owned and operated by AM/NS India and are expected to generate operational synergies for the company immediately: (1) A 25 MTPA jetty at the all-weather, deep draft bulk port terminal at Hazira, Gujarat, captive and adjacent to AM/NS India’s flagship steel plant. (2) A 12 MTPA deep-water jetty at Paradip, Odisha along with a dedicated conveyor that handles 100% of pellet shipments from AM/NS India’s Paradip pellet plant. (3) A 270 MW multi-fuel power plant at Hazira, which has a long-term power purchase agreement with AM/NS India’s adjacent steel plant.

Acquisitions of the remaining assets included in the agreement are expected to be completed once necessary regulatory approvals are received.

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