Construction Industry News
ArcelorMittal Nippon Steel (AM/NS) India will acquire a number of infrastructure assets, including three ports, two power plants and a power line from Essar Group for $2.4 billion, or about Rs 19,158, the companies said in separate statements.
The assets are primarily intended for captive use for the steelmaking activities of AM/NS India that Essar Steel India acquired through bankruptcy court in 2019. ArcelorMittal and Essar Group have also agreed to form a 50-50 joint venture partnership to build a four million tonne per year (mtpa) LNG terminal at Hazira in Gujarat.
For ArcelorMittal Nippon Steel, the deal means greater control and synergy in end-to-end production from ore to finished steel. For the Ruias of Essar, it provides an opportunity to focus on rebuilding their business empire. The 'win-win' deal may also end a three-year-old battle between AM/NS India and Essar Group, with both sides taking their disagreements to court, people aware of the development said.
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