AM/NS takes control of India’s largest ore handling complex at Vizag Port after security nod

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.