Essar Group announced a USD 2.4 billion deal to sell Arcelor Mittal Nippon Steel Ltd. its port operations.
Essar said in a statement that it has signed final contracts with ArcelorMittal Nippon Steel for a number of ports and electricity infrastructure assets that are principally linked to the operations of the Hazira steel mill.
The agreement also calls for Essar and ArcelorMittal to work together in a joint venture to establish a 4 million ton per year LNG terminal in Gujarat at Hazira.
With this agreement, Essar will finish its deliberate asset monetization program and complete the USD 25 billion debt repayment plan, practically completely repaying the Indian banking system.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.