AM/NS India completes Rs 16,500 cr acquisition of Essar group infra assets

The transaction, fully funded by AM/NS India, includes two port assets and a power plant which are now wholly-owned and operated by it

ArcelorMittal Nippon Steel India (AM/NS India) – a joint venture between ArcelorMittal and Nippon Steel – has closed a Rs 16,500-crore ($2.05 billion) deal to acquire Essar group’s port and power assets. With this, Essar has completed its asset monetisation programme, becoming a debt-free group.

“Essar has concluded its asset monetisation programme and completed the debt repayment of $25 billion, effectively making the group debt-free from Indian banks and financial institutions.” said Prashant Ruia, Director, Essar Capital.

The transaction includes two ports and a power plant. It follows an agreement between the two parties to acquire several power and infrastructure assets for