Mumbai: Completing asset monetization to effectively become debt-free, Essar Ports & Terminals Ltd (EPTL) and Essar Power Ltd (EPL) on Monday announced the conclusion of the USD 2.05 billion (Rs.16,500 crore) sale of captive ports and power assets located in Hazira (Gujarat) and Paradip (Odisha) to Arcelor Mittal Nippon Steel India Ltd (AM/NS).
The sale comprised the infrastructure assets, including a 270 MW power plant and 25 MPTA port at Hazira, and a 12 MPTA port at Paradip, the company said in a statement.
“Essar has concluded its asset monetization program and completed the debt repayment of USD 25 billion (Rs. 2,00,000 crore) effectively making the group debt-free from Indian banks and financial institutions,” Prashant Ruia, Director, Essar Capital, said.
Essar continues to have a significant presence and substantial operating assets in all its core verticals, viz. energy, metals and mining, infrastructure and logistics, and technology and retail, he said.
The privately held Essar Group currently has revenues of nearly USD 15 billion (Rs. 1.2 lakh core) and assets under management of USD 8 billion (Rs. 64,000 crore) within and outside India.