ArcelorMittal Nippon Steel India on Tuesday said that “It has acquired the Bhander Power Plant from Edelweiss Asset Reconstruction Company.”
The company in its statement said, “Bhander Power Plant is a natural gas-based thermal power plant with an installed capacity of 500 MW, and will remain 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.
Dilip Oommen, CEO at AM/NS India, in its statement, said, “We are pleased to have acquired these important ancillary assets for our steelmaking facilities. This is in line with an intent to secure a robust captive power and commodity supply chain as we continue to make strong strides in our production and operational performance.”
“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,” he added.