New Delhi [India], September 29 (ANI): The Competition Commission of India (CCI) on Thursday stated it has authorised the acquisition of belongings of Essar Group by ArcelorMittal Nippon Steel India Limited.
The proposed mixture entails the acquisition of sure belongings: (a) Power Assets (Essar Power Hazira Limited (EPHL), Gandhar Hazira Transmission Limited (GHTL)); (b) Port Assets (Hazira Cargo Terminals Limited (HCTL), Ibrox AviationTrading Private Limited (IATPL), Essar Bulk Terminal Limited (EBTL), Essar Bulk Terminal Paradip Limited (EBTPL), Essar Vizag Terminals Limited (EVTL)); (c) Other Assets (Snow White Agencies Private Limited (SWAPL), Bhagwat Steel Limited (BSL)) from the Essar Group (goal) by ArcerlorMittal Nippon Steel India Limited (acquirer).
All these goal belongings belong to the Essar Group. ArcerlorMittal Nippon Steel India Limited (AMNS) is a three way partnership between ArcelorMittal S.A. and its associates and Nippon Steel Corporation, Japan (NSC), CCI stated in an announcement.
EPHL is an influence plant adjoining to AMNS, Hazira, Gujarat and includes two technology items of 135-MW capability every and is utilized by the acquirer for captive functions.
GHTL is a public firm integrated to hold out the enterprise of prospecting, exploring, mining, processing, shopping for, promoting, distributing, and usually dealing in all minerals, together with coal, and likewise dealing within the technology, buy, transmission, distribution, and sale of electrical energy. It has 400 kV transmission line from Gandhar (NTPC) switchyard to Hazira having a size of 104.6 km which is utilized by acquirer for captive functions.
EBTL has an-all climate, deep draft dry bulk jetty positioned within the Gulf of Khambatt, Magdalla Port terminal of Gujarat Maritime Board (GMB) with a capability of underneath 25 million metric tonnes each year (MMTPA). It offers the next services: (i) cargo dealing with companies; (ii) jetty companies; (iii) vessel dealing with companies; (iv) pilotage; and (v) towage and is utilized by the Acquirer for captive functions.
EBTPL has an all-weather dry bulk terminal licensed from Paradip Port Trust (PPT) with a capability of 8 MMTPA. It has a totally mechanized ship loading system with a capability of 4,500 tonnes per hour (TPH). It offers the next companies (i) bulk cargo dealing with; and (ii) mooring companies and is utilized by the Acquirer for captive functions.
EVTL is the concessionaire of an all-weather, deep-water terminal underneath Visakhapatnam Port Trust (VPT) with an present capability of 12 MMTPA.
HCTL is the holding firm of EBTL and EBTPL. HCTL, by way of its holding in EBTL and EBTPL, specializes within the growth and operations of ports and terminals for dealing with bulk and basic cargo. HCTL by way of its subsidiaries has an present capability of 66 metric tonnes each year (MTPA) in India.
IATPL is a holding firm and doesn’t have any enterprise operations.
SWAPL is a personal firm, it owns a land parcel in Odisha together with an workplace and a visitor home. The workplace and the visitor home are primarily utilized by the Acquirer’s staff. BSL beforehand often called Essar Steel Chhattisgarh Limited, has not commenced any enterprise operations. (ANI)