09 April 2024
ArcelorMittal Nippon Steel India Ltd (AM/ NS India) took control of a 16 million tonne (mt) capacity iron terminal at state-run Visakhapatnam Port from a unit of Essar Group after receiving the long pending security clearance from the Union government for a deal that was announced in 2022, multiple sources said.
"AM/ NS received security clearance in early March after which we discharged the Essar unit as the promoter/operator of the terminal," a government source said. The Visakhapatnam Port Authority also collected some Rs54 crores in dues from the Essar unit ahead of allowing change in the terminal's shareholding, the source added.
ArcelorMittal Nippon Steel India Ltd (AM/ NS India) took control of a 16 million tonne (mt) capacity iron terminal at state-run Visakhapatnam Port from a unit of Essar Group after receiving the long pending security clearance from the Union government for a deal that was announced in 2022, multiple sources said.
"AM/ NS received security clearance in early March after which we discharged the Essar unit as the promoter/operator of the terminal," a government source said. The Visakhapatnam Port Authority also collected some Rs54 crores in dues from the Essar unit ahead of allowing change in the terminal's shareholding, the source added.
Stay Connected, Stay Informed –
Don’t miss out on exclusive updates, market trends, and real-time investment opportunities. Be the first to know about the latest unlisted stocks, IPO announcements, and curated Fact Sheets, delivered straight to your WhatsApp.