Essar Ports & Terminals Ltd (EPTL) and Essar Power Ltd (EPL) have completed the sale of captive ports and power assets in Hazira and Paradip to Arcelor Mittal Nippon Steel India (AM/NS) in a $2.05 billion (Rs 165 billion) deal . The infrastructure assets sold include a 270 MW power station and a 25 MPTA port in Hazira, Gujarat and a 12 MPTA port in Paradip, Odisha.

Prashant Ruia, director of Essar Capital, said: “Essar has finalized its asset monetization program and completed the $25 billion (Rs 2 trillion) debt service, essentially making the group debt free from Indian banks and financial settings."

Essar continues to have a significant presence and substantial assets in all of its core industries: energy, metals and mining, infrastructure and logistics, and technology and retail. The privately held group currently has revenues of $15 billion (Rs 1.2 trillion) and assets under management of $8 billion (Rs 640 billion) in and outside India.

Rewant Ruia, President of Essar Ports Terminals, said: “In a planned and strategic manner, we have monetized assets that we have built up over the past 30 years. We are now reinvesting in our existing operations and in building new assets, both in India and abroad, with more efficient, latest and carbon neutral new technologies, which will be sustainable.”