Essar Group to sell infra assets to ArcelorMittal Nippon Steel
Steel

Essar Group to sell infra assets to ArcelorMittal Nippon Steel

ArcelorMittal Nippon Steel (AM/NS) India will acquire a clutch of infrastructure assets including three ports, two power plants and a power transmission line from Essar Group for $2.4 billion, or about Rs 19,158 crore, the companies said in separate statements.

The assets are mainly for captive use for the steelmaking operations of AM/NS India that had acquired Essar Steel India through the bankruptcy court in 2019. ArcelorMittal and Essar Group have also agreed to form a 50-50 joint venture partnership for building a four million tonne per annum (mtpa) LNG terminal at Hazira in Gujarat.

For ArcelorMittal Nippon Steel, the deal will mean better control and synergy in its end-to-end ore to finished steelmaking. For the Ruias of Essar, it provides an opportunity to focus on rebuilding their business empire. The 'win-win' deal will also perhaps end a three-year-old tussle between AM/NS India and Essar Group that saw both parties taking their differences to the courts, people aware of the development said.

ArcelorMittal Nippon Steel (AM/NS) India will acquire a clutch of infrastructure assets including three ports, two power plants and a power transmission line from Essar Group for $2.4 billion, or about Rs 19,158 crore, the companies said in separate statements. The assets are mainly for captive use for the steelmaking operations of AM/NS India that had acquired Essar Steel India through the bankruptcy court in 2019. ArcelorMittal and Essar Group have also agreed to form a 50-50 joint venture partnership for building a four million tonne per annum (mtpa) LNG terminal at Hazira in Gujarat. For ArcelorMittal Nippon Steel, the deal will mean better control and synergy in its end-to-end ore to finished steelmaking. For the Ruias of Essar, it provides an opportunity to focus on rebuilding their business empire. The 'win-win' deal will also perhaps end a three-year-old tussle between AM/NS India and Essar Group that saw both parties taking their differences to the courts, people aware of the development said.

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000