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AM/NS India to acquire infra assets from Essar Group for $2.4 billion

The ownership of port assets had been in courts since 2020 after AM/NS India moved the Gujarat High Court

ArcelorMittal to pay Rs 74.69 bn to creditors of Uttam Galva, KSS Petron
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Essar said that the deal concludes its planned asset monetisation programme and completes debt repayment plan of $25 billion (Rs two trillion) with the Indian banking sector

Ishita Ayan Dutt Kolkata
The Ruias and the Mittals have buried the hatchet after battling in and out of courts for the last four years.  

ArcelorMittal Nippon Steel India (AM/NS India), a joint venture between ArcelorMittal and Nippon Steel, announced on Friday that it had reached a definitive agreement to acquire ports, power plants, and other logistics and infrastructure assets from the Essar group for a net value of about $2.4 billion (Rs 19,000 crore).

The settlement for assets comes almost three years after ArcelorMittal and Nippon Steel jointly acquired Ruias-owned Essar Steel (now AM/NS India) for $5.7 billion in one of the most successful resolutions

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First Published: Aug 26 2022 | 7:49 PM IST

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