Essar today announced the execution of final agreements with Arcelor Mittal Nippon Steel (AM/NS) for specific ports and power infrastructure assets that are predominantly captive to Hazira steel plant operations. This transaction is one of the largest post-pandemic M&A deals in India.
The agreement also calls for Essar and ArcelorMittal to work together in a 50-50 joint venture to construct a 4 MTPA LNG facility at Hazira, Gujarat. Essar Ports & Terminals has unlocked value for all of its stakeholders with this deal, which yields a multifold return on our investments, according to Mr. Rewant Ruia, Director of Essar Ports & Terminals Limited. Essar Ports & Terminals will continue to concentrate on developing new and cutting-edge core infrastructure assets in India and abroad.
Essar has been repositioned for growth and revival, according to Mr. Prashant Ruia, Director of Essar Capital. We have entered the next growth phase focused on assisting in the development of a sustainable energy future that will impact lives and livelihoods for a greener world after merging our businesses over the last four years.