Essar Group on Friday announced a $2.4 billion (Rs 19,000 crore) deal to sell its ports business to Arcelor Mittal Nippon Steel Ltd.

In a statement, Essar said it has signed definitive agreements with ArcelorMittal Nippon Steel for certain ports and power infrastructure assets which are primarily captive to Hazira steel plant operations.

"The deal also envisages a 50-50 Joint Venture partnership, for building a 4 MTPA LNG terminal at Hazira, Gujarat, between Essar and ArcelorMittal," it added.