Competition Commission clears acquisition of Essar Group assets by ArcelorMittal Nippon Steel India
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The Competition Commission of India on Thursday approved acquisition of assets of Essar Group by ArcelorMittal Nippon Steel India Ltd.
The proposed combination involves the acquisition of power assets namely Essar Power Hazira Ltd and Gandhar Hazira Transmission Ltd, port assets like Hazira Cargo Terminals Ltd, Ibrox Aviation & Trading Private Ltd, Essar Bulk Terminal Ltd, Essar Bulk Terminal Paradip Ltd and Essar Vizag Terminals Ltd, as well as other assets.
These other assets include Snow White Agencies Private Ltd and Bhagwat Steel Ltd. All these assets belong to Essar Group and are to be acquired by ArcelorMittal Nippon Steel India Ltd, which is a joint venture between ArcelorMittal S A and its affiliates and Nippon Steel Corporation, Japan.
