New Delhi: 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 ($2.05 billion).
“Essar Ports & Terminals Ltd (EPTL) and Essar Power Ltd (EPL) today concluded the US$ 2.05 billion (Rs 16,500 crore) sale of captive ports and power assets located in Hazira and Paradip to Arcelor Mittal Nippon Steel India Limited (AM/NS),” Essar said in its statement.
“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,” it further said.
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.
Rewant Ruia, Director, Essar Ports Terminals Ltd, said that the group has monetised its assets in a planned and strategic manner.
“We are now reinvesting in our existing operations and in building new assets, both in India and overseas, with more efficient, latest and carbon neutral new-age technologies, which will be sustainable,” he said.
The group said that the assets that Essar has monetized over the last five years have yielded a multifold return on investments.
“Essar has been and will continue to be a significant player and participant in the India growth story while continuing to derive substantial growth and revenues from its international operations,” it said.
