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    Ruias reject ArcelorMittal's buyout offer for power and ports assets: report

    Ruias reject ArcelorMittal's buyout offer for power and ports assets: report

    Ruias reject ArcelorMittal's buyout offer for power and ports assets: report
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    By CNBC-TV18  IST (Published)

    Essar Group's Ruias family have rejected ArcelorMittal's proposal to buy out its port and power assets in Hazira in Gujarat, both of which are in long-term supply agreements with Essar Steel, Business Standard reported, citing sources.
    The sources told BS that ArcelorMittal had approached Essar for buying these two assets but Ruias declined the offer as the family is already pursuing a case against Arcelor, with respect to the insolvency proceedings.
    Most of the power generated by Essar Power Hazira is used by Essar Steel but the company can also sell power to the grid, the report said.
    Ports company Essar Hazira Bulk Terminal is for the steel company's use while it can offer up to five percent to others, it added.
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