# ArcelorMittal Nippon Steel acquires Essar Group port and power assets for $2.4B

ArcelorMittal Nippon Steel India signed definitive agreements to acquire Essar Group's port and power assets in India for $2.4 billion. The deal includes port assets in Gujarat, Andhra Pradesh, and Odisha, and power plants at Hazira, and a 50-50 JV for an LNG terminal.

- Type: Acquisition
- Announced: 2022-08-26
- Where: Hazira, Gujarat; Visakhapatnam, Andhra Pradesh; Paradip, Odisha, India
- Value: $2.40B
- Status: announced
- Products: port services, power, LNG terminal
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md)

## Companies

- [ArcelorMittal Nippon Steel India](https://endata.com/companies/52901.md) (acquirer)
- [Essar Group](https://endata.com/companies/64954.md) (target)

## Sources

- [timesofindia.indiatimes.com](https://timesofindia.indiatimes.com/business/india-business/essar-signs-2-4-billion-deal-to-sell-ports-business-to-arcelormittal-nippon-steel/articleshow/93802416.cms), 2022-08-26: "In what is pegged as one of the largest mergers and acquisitions (M&A) deals, leading steelmaker, ArcelorMittal Nippon Steel (AM/ NS) India on Friday signed definitive agreements to acquire Essar Group’s ports and power assets in India for a whopping $2.4 billion."
- [rediff.com](https://www.rediff.com/business/report/essar-to-sell-port-infra-to-arcelormittal-for-rs-19000-cr/20220826.htm), 2022-08-26: "Essar group on Friday announced the signing of a USD 2.4 billion (Rs 19,000 crore) deal to sell certain ports and power infrastructure to ArcelorMittal Nippon Steel in one of the largest post-pandemic merger and acquisition deals in India."
- [timesofindia.indiatimes.com](https://timesofindia.indiatimes.com/cci-clears-acquisition-of-ports-power-assets-of-essar-group-by-arcelormittal-nippon-steel/articleshow/94539885.cms), 2022-09-29: "The proposed combination involves the acquisition of certain power assets -- Essar Power Hazira Ltd and Gandhar Hazira Transmission Ltd."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.