New Delhi, Nov 21 (UNI): The Ruias-controlled Essar group on Monday said it has concluded the sale of its captive ports and power assets at Hazira and Paradip to Arcelor Mittal Nippon Steel India Limited (AM/NS) for Rs 16,500 crore ($2.05 billion).
“The sale consisted of infra assets which include a 270 MW power plant and 25 MPTA port at Hazira, Gujarat and a 12 MPTA port at Paradip, Odisha,” Essar said in its statement.
Prashant Ruia, Director, Essar Capital, said that Essar has concluded its asset monetisation programme and completed the debt repayment of $25 billion (Rs 200,000 crore) effectively making the group debt-free from Indian banks and financial institutions.
The company said that it continues to have a significant presence and substantial operating assets in all its core verticals – energy, metals & mining, infrastructure & logistics and technology & retail.
