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Essar's Cyprus arm sells 6 ships to ArcelorMittal for $80-M: report

Economic Times  

Essar's Cyprus arm has sold six ships to ArcelorMittal for USD 80 million. The ships are owned by Essar Shipping Cyprus, an arm of Essar Global Fund, and are not part of Essar Shipping, the publicly traded company promoted by the Ruia family in India. It is believed that the overseas deal between Essar and ArcelorMittal could be a precursor to a second deal that could involve the sale of some of Essar Shipping's Indian ships to the steel major.