In one of the largest post-pandemic merger and acquisition agreements in India, Essar Group on Friday announced the signing of a USD 2.4 billion (Rs 19,000 crore) agreement to sell certain ports and power assets to ArcelorMittal Nippon Steel.
The transaction also includes a 50/50 joint venture between Essar and ArcelorMittal for the construction of a 4 million tonnes per year LNG import terminal at Hazira in Gujarat, according to a statement from the Ruia-run company.
It only mentioned a few ports and power facilities that are primarily dependent on the operations of the Hazira steel plant, which ArcelorMittal Nippon Steel (AM/NS) bought in 2018–19, without going into further detail.