InvestorQ : Is it true that Essar group is planning to sell its ports to Lakshmi Mittal group?
Debbie Mascarenhas made post

Is it true that Essar group is planning to sell its ports to Lakshmi Mittal group?

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Arti Chavan answered.
2 months ago
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Yes the deal is finalized and Essar Group will be selling its entire ports business to Arcelor Mittal Nippon Steel for a consideration of $2.4 billion. That is approximately Rs19,000 crore in Indian currency. The agreements signed are definitive and pertain to selected port and power infrastructure assets which were primarily captive to the Hazira operations of Essar Steel. In addition, Essar will also enter into a 50-50 Joint Venture partnership with Arcelor Mittal to build a 4 million tonnes per annum (MTPA) LNG terminal at Hazira in Gujarat.

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