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AM/NS Agrees to Buy Infrastructure Assets for US$2.5B
08/26/2022 - Joint venture AM/NS India is acquiring port and energy assets from Essar Group for US$2.4 billion, the companies said on Friday.
The assets being acquired include a 25-million-tons-per-year jetty at the all-weather, deep draft bulk port terminal next to AM/NS India’s flagship steel plant in Hazira, Gujarat, and a 270-MW multi-fuel power plant at Hazira, which has a long-term power purchase agreement with the AM/NS Hazira plant.
ArcelorMittal said the acquisition will strengthen the company’s manufacturing and logistics chain.
“AM/NS India will be able to realize further synergies from rising throughput at the port assets as a result of the company’s planned expansion of steel production capacity,” it said.
