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Essar Steel is India’s leading fully integrated flat steel manufacturer. The company has annual capacity of 10 million tonnes and has strong presence in intensive steel consuming markets of Asia and North America. It has operations in two countries. A 10 MTPA integrated facilities in India and a 0.4 MTPA downstream complex in Indonesia.
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It’s manufacturing facility comprises ore beneficiation, pellet making, iron making, steel making, and downstream facilities. In addition, it also has cold rolling mill, galvanising, pre-coated facility, steel processing facility, extra wide plate mill and a pipe mill. The steel plant located at Hazira has modern infrastructure like a power plant and a port that can handle 30 million tonne cargo annually.
Essar Steel has posted healthy EBIDTA of around Rs 2,000 crore during the insolvency period. Hence, the amount could be utilised by financial creditors against their outstanding dues, one of the operational creditors has claimed.
Essar Steel acquisition by ArcelorMittal
ArcelorMittal will pay nearly Rs 50,000 crore for the buyout. An upfront payment of Rs 42,000 crore to settle debt a further Rs 8,000 crore will be paid for capital injection into the company. Above all, ArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries.
In conclusion, the acquisition will give ArcelorMittal control of India’s largest single-location flat steel mill in Hazira, Gujarat. The asset also has two iron ore pelletisation plants, at Visakhapatnam and Paradip, and a downstream steel hub in Pune, close to a automobile manufacturing hub.