AM/NS buys Essar Steel's CPP under Sarfaesi, says lenders will recover 85%

ArcelorMittal Nippon Steel India (AM/NS India) has acquired a captive power plant of Essar Steel, Essar Power Orissa Limited (EPORL), under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (Sarfaesi) Act.

The acquisition of EPORL was completed on Saturday. The move is yet another effort to make AM/NS India’s operations self-reliant. 

Last year, AM/NS acquired Bhander power plant, a natural gas-based thermal plant at Hazira, with an installed capacity of 500 Mw through a bidding process from Edelweiss Asset Reconstruction Company. 

All put, the total consideration for the two plants – Bhander and EPORL – is