ArcelorMittal Nippon Steel buys gas-based Hazira power plant1 min read . Updated: 03 Mar 2020, 04:19 PM IST
- Bhander is a natural gas-based thermal plant with an installed capacity of 500MW
- The power plant was purchased by ArcelorMittal Nippon Steel under the SARFAESI Act
MUMBAI : ArcelorMittal Nippon Steel India (AM/NS India) has announced that it has acquired Bhander power plant at Hazira in Gujarat from Edelweiss Asset Reconstruction Company.
Bhander is a natural gas-based thermal plant with an installed capacity of 500MW and will be captive to AM/NS India’s steel manufacturing operations at Hazira. Bhander, 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, the company said in a press release.
Earlier this month, ArcelorMittal India Private Limited was selected as a preferred bidder for an iron ore mine license in Odisha following an auction held by the state government. “The Thakurani block in the district of Keonjhar, with estimated reserves of 179.26 million tonnes, is expected to make a valuable contribution to AM/NS India’s long-term raw material requirements," the press release said.
ArcelorMittal added that it will seek requisite clearances, as well as mine development and production agreements, ahead of commencing mining operations.
“Efforts to become increasingly self-reliant, in this case through the procurement of a key energy source in Gujarat and an iron ore rich reserve in Odisha, form part of AM/NS India’s medium to long term strategy to significantly grow our production capacity in India," said Dilip Oommen, CEO of AM/NS India.