Essar Group on Friday said that it has signed an agreement to sell its port business to ArcelorMittal Nippon Steel Limited for USD 2.4 billion, or about Rs 19,000 crore in Indian Rupees.
The group issued a statement saying that it has finalized the agreement with ArcelorMittal Nippon Steel. The agreement pertains to the company's port and energy sector assets. Where mainly Hazira Steel Plant is operated.
The statement also said that in this agreement between Essar and ArcelorMittal, both the companies will do a joint venture with a 50-50 percent stake to build a 4 MTPA LNG terminal at Hazira in Gujarat.