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ArcelorMittal to acquire Uttam Galva Steel in Rs.4,370-Cr deal
Source Economic Times (opens in a new tab)BSE Disclosure (opens in a new tab)
The Mumbai-bench of bankruptcy court National Company Law Tribunal (NCLT) has approved the resolution plan of the global steel firm ArcelorMittal's local subsidiary for debt-laden Uttam Galva Steels Ltd. The shares of the target company will now be delisted from the stock exchanges.
The resolution plan envisages repaying INR 4,050 crore to financial and operational creditors, as well as an equity infusion of INR 320 crore. The company owes more than INR 9,300 crore to its lenders. ArcelorMittal Group has 87% voting rights in the committee of creditors (CoC).
Uttam Galva Steels is a manufacturer of value-added steel, with facilities located at Khopoli, about 75 km from Mumbai.