Advertisement

Home / Business / Essar Group announces $2.4 billion deal to sell its ports business to Arcelor Mittal Nippon Steel Ltd

Essar Group announces $2.4 billion deal to sell its ports business to Arcelor Mittal Nippon Steel Ltd

The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat
Essar Group
Essar Group
File picture

PTI   |   New Delhi   |   Published 26.08.22, 05:11 PM

Essar Group on Friday announced a $2.4 billion (Rs 19,000 crore) deal to sell its ports business to Arcelor Mittal Nippon Steel Ltd.

In a statement, Essar said it has signed definitive agreements with ArcelorMittal Nippon Steel for certain ports and power infrastructure assets which are primarily captive to Hazira steel plant operations.

"The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and ArcelorMittal," it added.



Advertisement
Advertisement
Advertisement
 
 
 
Copyright © 2020 The Telegraph. All rights reserved.