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ArcelorMittal Nippon Steel India concludes acquisition of Bhander Power Plant

Wednesday, 04 Mar 2020

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ArcelorMittal Nippon Steel India (AM/NS India) has concluded acquisition of Bhander Power Plant in Hazira, Gujarat, from Edelweiss Asset Reconstruction Company.

The natural gas-based thermal plant with an installed capacity of 500 MW will remain captive to AM/NS India’s steel manufacturing operations at Hazira. The size of the deal is estimated to be around Rs 500 crore.

The power plant which was commissioned in 2006 and commenced commercial operations in 2008, was purchased by AM/NS India under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act.