Essar ports and terminals limited, Logistics company

In one of the largest post-pandemic M&A (mergers and acquisitions) deals in India, Essar on Friday announced signing definitive agreements with Arcelor Mittal Nippon Steel for certain ports and power infrastructure assets which are primarily captive to Hazira steel plant operations.According to the company, the deal also envisages a 50-50 joint venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and ArcelorMittal.Rewant Ruia, Director, Essar Ports and Terminals Limited, said "With this deal, which yields a multifold return on our investments, Essar Ports and Terminals has unlocked value for all its stakeholders and will continue to focus on building new and modern core infrastructure assets in India and overseas."According to Essar, with this deal, the company will conclude its planned asset monetisation programme and complete the debt repayment plan of USD 25 billion (Rs 2 lakh crore) with the Indian banking sector being almost fully repaid. Essar's aggregate revenues will stand at USD 15 billion (~ Rs 1.2 lakh core) and an AUM (Asset Under Management) of USD 8 billion (Rs 64,000 crore) comprising of various assets spread across India and overseas.These assets under the energy sector include a 10 MTPA refinery in the United Kingdom (UK), 15 TCF reserves (including some producing fields) of unconventional hydrocarbons in India and Vietnam and a 1,200 MW power plant in India; infra sector assets include a storage terminal in the UK of 3 million m3 capacity and a 20 MTPA port in India; metals and mining sector assets include a major iron ore mine and pellet project in USA; technology and services sector assets include global EPC business and IT solutions provider with centres across 30+ countries.Prashant Ruia, Director, Essar Capital, said "Essar is now repositioned for growth and resurgence. After consolidating our businesses over the last four years, we have now entered the next growth phase focused on helping build a sustainable energy future that will impact lives and livelihoods for a greener world." Essar said by monetizing assets in a planned and strategic manner, that were built with earlier technologies over the last several years, the company is now poised to reinvest in new assets with the latest, more efficient and ESG-compliant technologies to last the next several decades.Essar has planned significant investments in its core sectors of energy, infrastructure, metals, mining and technology and services. While ongoing businesses will provide operational stability, our renewed focus will be to Transition existing assets to Green and invest in sector-transforming clean businesses around the investment themes of decarbonisation and digitisation.The closing of the M&A deal is subject to the completion of certain corporate and regulatory approvals applicable for respective assets.Essar Ports is the portfolio company of Essar focused on building and operating sustainable ports and logistics businesses and is now focused on building green logistics portfolio.Essar Power is the portfolio company of Essar focused on energy projects in India and is transitioning into sustainable energy portfolio.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Essar Ports And Terminals LimitedFOLLOW

Essar ports and terminals limited, Latest News

Business :Essar signs USD 2.4 bn deal with Arcelor Mittal Nippon Steel for infra assets

In one of the largest post-pandemic M&A (mergers and acquisitions) deals in India, Essar on Friday announced signing definitive agreements with Arcelor Mittal Nippon Steel for certain ports and power infrastructure assets which are primarily captive ...