AMNS concludes acquisition of assets of ESSAR group worth Rs 165 billion

Arcelor Mittal Nippon Steel (AMNS) India has concluded the acquisition of the assets of ESSAR Group worth Rs 165 billion. These include a 25 mtpa jetty at the all-weather, deep-draft bulk port terminal at Hazira, Gujarat; and a 12 mtpa deep-water jetty at Paradip, Odisha. Es­sar has concluded its asset monetisation programme and completed the debt repayment of Rs 2 trillion, effectively making the group debt-free with respect to Indian banks and financial institutions. The acquisition of the remaining asset included in the August 2022 agreement, a 16 mtpa all-weather, deep-draft terminal at Visakhapatnam, is expec­ted to be completed soon.