ArcelorMittal to exit India's Uttam Galva to make way for new steel bids [Reuters]
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Source: Reuters
ArcelorMittal to exit India's Uttam Galva to make way for new steel bids | Reuters 3 Min Read MUMBAI (Reuters) - ArcelorMittal is set to sell its entire stake in India’s Uttam Galva Steels to the company’s founders at less than the market price of the stock, a member of Uttam Galva’s founding Miglani family told Reuters on Tuesday. The sale could free ArcelorMittal, the world’s biggest steelmaker, to bid for other Indian steel assets which are being auctioned off as part of insolvency proceedings. Ankit Miglani, a former managing director of the company and part of the founding family, said ArcelorMittal had asked Uttam Galva’s founders to buy its 29.1 percent stake in the firm and they had agreed. “They asked us to buy the stake, we agreed to buy the stake. I can’t give any specifics at this point but it will be below the market value,” Miglani, whose father Rajinder Miglani is the chairman of Uttam Galva, told Reuters. ArcelorMittal declined to comment on the stake sale. Indian dail
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