Gadchiroli pitched as Maharashtra’s future green steel hub India set to drive next global steel demand wave Italy crude steel output rises 3.1% in May Green steel progress remains slow worldwide
India's ArcelorMittal Nippon Steel (AMNS) has taken over a 16 million metric tonne per annum (MMTPA) iron ore terminal at state-run Vishakhapatnam port from a unit of Essar group after receiving long-pending government security clearance for a deal announced in 2022, industry circles said yesterday.
AMNS gained security clearance in early March of this year, and the Essar unit was relieved of its obligations as terminal promoter and operator, according to sources.
The Visakhapatnam Port Authority collected ₹540 million from the Essar unit before permitting the terminal's shareholding change.
Despite the deal being announced in 2022, the acquiring entity could not assume control until it obtained security clearance from the Indian government, as per the concession agreement's rules.
In 2022, AMNS India acquired various port, power, and other logistics and infrastructure assets from Essar Group for $2.05 billion. These assets were integral to the Essar steel mill plant at Hazira, acquired through the bankruptcy resolution process.
Also Read : PFC offers to underwrite entire debt of ₹27,300 cr for Vadhavan Port Indian Railways achieves 1,297 MT freight loading till January 2024
The School of Infrastructure at IIT Bhubaneswar, in partnership with the Odisha State Disaster...
India 19-Sep-2025
Fives Group has signed a major contract with JSW Steel to supply annealing furnaces for new el...
Business 06-Jun-2026
Sambhv Steel Tubes has highlighted its strong manufacturing base and growing market footprint,...
Business 08-Apr-2026
The government of Karnataka has sent a proposal to the Centre to construct flyovers along certain st...
Announcement 21-Feb-2024
India’s steel exporters are reshaping their market strategy as Europe’s carbon bor...
Business 17-Feb-2026
Chinese state energy giant Sinopec is pushing for greater access to Sri Lanka's market, where rival...
Business 25-Apr-2024