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ArcelorMittal Nippon Steel acquires the Bhander power plant from Edelweiss Asset Reconstruction Company

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.”

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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.