Essar inks $2.4 billion (Rs. 19,000 crore) selling agreement with AM/NS for infrastructure assets.

Essar today announced the signing of definitive agreements with Arcelor Mittal Nippon Steel (AM/NS) for certain Ports and Power infrastructure assets that are predominantly captive to Hazira steel plant operations, in one of India's largest post-pandemic M&A transactions. The agreement also calls for Essar and ArcelorMittal to form a 50-50 joint venture to build a 4 MTPA LNG facility in 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, Essar Ports & Terminals Limited. "We will continue to focus on building new and modern core infrastructure assets in India and overseas."