AM/NS India eyes $250-300 mn gain from Essar group infra assets

ArcelorMittal Nippon Steel India (AM/NS India) anticipates a $250-300 million annual gain from synergies resulting from the proposed acquisition of infrastructure assets from the Essar group. AM/NS India and the Essar group had recently announced a definitive agreement for the joint venture of global steelmakers to acquire port and power assets for a net value of approximately $2.4 billion. The assets are primarily related to AM/NS' Hazira steel plant operations in Gujarat, and the gains will be substantial once the transaction is completed. Amit Harlalka, AM/NS India's deputy chief financial officer, stated that a gain of $250-300 million was expected on the current level of steel capacity, which is nine million tonnes per year (MTPA).

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