The agreement also calls for Essar and ArcelorMittal to work together in a 50-50 joint venture to construct a 4 MTPA LNG facility at Hazira, Gujarat.
"With this deal, which yields a multifold return on our investments, Essar Ports & Terminals has unlocked value for all its stakeholders," said Mr. Rewant Ruia, Director of Essar Ports & Terminals Limited. "We will continue to focus on building new and modern core infrastructure assets in India and abroad."
Director of Essar Capital Mr. Prashant Ruia stated, "Essar is now repositioned for development and resurrection. We have entered the next growth phase focused on assisting in the development of a sustainable energy future that will impact lives and livelihoods for a greener world after integrating our operations over the last four years.