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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.
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