AM/NS India eyes $250-300 mn gain from purchase of Essar group infra assets

The port and power assets are primarily captive to AM/NS' Hazira steel plant in Gujarat, will expand firm's footprint and operating efficiencies

ArcelorMittal Nippon Steel India (AM/NS India) is expecting a gain of $250-300 million per annum from the synergies arising out of the proposed acquisition of infrastructure assets from the Essar group.

On August 26, AM/NS India and the Essar group announced a definitive agreement for acquisition of port and power assets by the joint venture of global steelmakers for a net value of about $2.4 billion.

The assets are primarily captive to AM/NS’ Hazira steel plant operations in Gujarat and the gains will be significant once the transaction is closed.

AM/NS India’s deputy chief financial officer, Amit Harlalka, said that a gain of