AM Mining India Pvt Ltd, part of ArcelorMittal and Nippon Steel joint venture, on Thursday completed the acquisition of Uttam Galva Steels Ltd, a downstream steel manufacturer in Maharashtra.
This follows the recent approval by the National Company Law Tribunal, Mumbai, for AM Mining’s resolution plan for Uttam Galva Steels Ltd, under the Insolvency and Bankruptcy Code (IBC).
The company statement said that Uttam Galva Steels was a strategic addition to ArcelorMittal and Nippon Steel joint venture, which also operates ArcelorMittal Nippon Steel India (AM/NS India) that has robust downstream capabilities, thus increasing domestic market opportunities.
Uttam Galva informed the stock exchanges that the monitoring committee at its meeting held today approved the reconstitution of the board.
Uttam Galva Steels has its manufacturing facilities at Khopoli, with an annual capacity of 1.2 million tonnes per annum (MTPA). The company is understood to have a wide basket of downstream value-added products, catering to various industries and distribution segments.
Commenting on behalf of the ArcelorMittal and Nippon Steel joint venture, Dilip Oommen, executive vice president, of ArcelorMittal, said, “I warmly welcome Uttam Galva Steels’ employees into the fold of the ArcelorMittal and Nippon Steel joint venture family. Together, we will embark on a journey of collaboration and excellence to produce smarter steels for our discerning customers.”
Source: Business-Standard