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