Ruias turn down Arcelor's buyout bid for port, power assets in Gujarat

The Ruias are locked in a bitter battle with the Mittals and are contesting their offer to buy Essar Steel in the bank­ruptcy and other courts

The Ruias have turned down a proposal by ArcelorMittal to buy out its port and power assets in Hazira in Gujarat, both of which have long-term supply agreements with Essar Steel.

While most of the power generated by Essar Power Hazira is used by Essar Steel, the company can also sell some power to the grid. In the case of the ports company, Essar Hazira Bulk Terminal, while most of the capacity is for use by the steel company, it can offer up to 5 per cent to others. Both these companies are fully owned subsidiaries of Essar Power and