ArcelorMittal Nippon Steel India has signed definitive agreement to acquire 9 subsidiaries of Essar Shipping Limited from Essar Shipping Limited (BSE:533704) for $2.4 billion on August 26, 2022. The subsidiaries bein acquired are Essar Power Hazira Limited, Gandhar Hazira Transmission Limited, Hazira Cargo Terminals Limited, Ibrox Aviation & Trading Private Limited, Essar Bulk Terminal Limited, Essar Bulk Terminal Paradip Limited, Essar Vizag Terminals Limited, now White Agencies Private Limited and Bhagwat Steel Limited. The assets being acquired are cash accruing and will generate operational synergies immediately upon completion of the transaction .The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and ArcelorMittal.

The transaction is expected to be funded only by AM/NS India. As of November 21, 2022, ArcelorMittal Nippon Steel India acquired two port assets and a power plant from the Ruias of the Essar group for $2.05 billion. Transaction closing is subject to the completion of certain corporate and regulatory approvals applicable for respective assets.

As of September 30, 2022, the transaction was approved by The Competition Commission of India. Macquarie Capital France SA acted as financial advisor to ArcelorMittal. Amita Katragadda, Preksha Malik, Akila Agrawal, Smruti Shah, L. Viswanathan, Subhalakshmi Naskar, Amita Katragadda, Anuradha Mukherjee, Shikha Tandon, Santosh Janakiram, Ramanuj Kumar, Vivek Rathore, Ashish Jain, SR Patnaik, Avaantika Kakkar and Dhruv Rajain of Cyril Amarchand Mangaldas acted as legal advisors to Essar Shipping Limited.

Trilegal and Shardul Amarchand Mangaldas acted as legal advisors to ArcelorMittal Nippon Steel India. Price Waterhouse Cooper acted as financial advisor to Essar Shipping Limited. KPMG acted as financial advisor to ArcelorMittal Nippon Steel India.

Deloitte Touche Tohmatsu India, LLP acted as accountant to Essar Shipping Limited. Ernst & Young LLP (UK) acted as accountant to Essar Shipping Limited. Quinn Emanuel Urquhart & Sullivan, UK, Debevoise & Plimpton UK & US, Sue Prevezer Kings Counsel, Brick Court Chambers acted as advisor on US and/or English law related aspects.