India-based ArcelorMittal Nippon Steel Limited (AMNS) has announced that it has concluded the acquisition of two port assets and a power plant from India-based Essar Group for a net value of approximately INR 165 billion ($2.02 billion) having received the requisite corporate and regulatory approvals.
This acquisition will strengthen the strategic integration of the company’s manufacturing and logistics chain, bolstering the company’s annual nine million mt steel mill at Hazira in the state of Gujarat.
The Essar port assets including a 25 million mt per year capacity jetty at the all-weather, deep draft bulk port terminal at Hazira, captive and adjacent to AMNS’ steel mill, a 270 MW multi-fuel power plant at Hazira, and a 12 million mt per year deep-water jetty at Paradip port in Odisha are now wholly owned and operated by AMNS.