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

Arcelor Mittal Nippon Steel (AMNS) India has concluded the acquisition of assets of the Essar Group worth Rs 165 billion. The assets include a 25 million tonne per annum (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 from Indian banks and financial institutions. The acquisition of the remaining asset, the 16 mtpa all-weather, deep draft terminal at Visakhapatnam, included in the August 2022 agreement, is expected to be completed soon.