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AM/NS India completes acquisition of Essar group infra assets

Tuesday, 22 Nov 2022
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ArcelorMittal Nippon Steel India (AM/NS India) has closed a Rs 16,500-crore (USD 2.05 billion) deal to acquire Essar group’s port and power assets. 
 
With this, Essar has completed its asset monetisation programme, becoming a debt-free group. 
 
Essar has concluded its asset monetisation programme and completed the debt repayment of USD 25 billion, effectively making the group debt-free from Indian banks and financial institutions. 
 
The transaction includes two ports and a power plant. It follows an agreement between the two parties to acquire several power and infrastructure assets for approximately Rs 19,000 crore (USD 2.4 billion). 
 
Acquisitions of the remaining assets included in the agreement of 515 MW gas-based power plant at Hazira, 16 million tpa all-weather, deep draft terminal at Visakhapatnam and 100 km Gandhar-Hazira transmission line were expected to be completed in due course once necessary regulatory approvals are received. 
 
Acquisition of the assets will strengthen the strategic integration of the company’s manufacturing and logistics chain. 
 
The Rs 60,000-crore investment will take the capacity at Hazira from nine million tonne to 15 million tpa. The synergy gain from the acquisition of all infrastructure assets is expected to be USD 250- USD 300 million per annum for the steelmaker.
 
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