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Business deals

Nippon Steel Indian tie-up to buy Essar port, power plant assets

$2.4bn acquisition to ensure smooth access to transport and energy infrastructure

AM/NS India is purchasing ports and power plants to support the company's main steel complex in Hazira, pictured here. (Photo courtesy of Nippon Steel)

MUMBAI -- Nippon Steel and ArcelorMittal will purchase a collection of port facilities and power stations in India through their local joint venture in a deal worth $2.4 billion, the companies said Friday.

Their steelmaking alliance, AM/NS India, will acquire the assets from Indian multinational Essar Group. The transaction is subject to approval from authorities.

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