New Delhi, Nov 10 (PTI) AM Mining India on Thursday said it has completed the acquisition of debt-laden Uttam Galva Steels Limited through the insolvency process.
The acquisition follows the recent approval of AM Mining India’s resolution plan for Uttam Galva Steels Ltd by the National Company Law Tribunal (NCLT) Mumbai.
In a statement, AM Mining India Pvt Ltd said it has “completed the acquisition of Uttam Galva Steels Ltd, a downstream steel manufacturer in Maharashtra.” According to the statement, AM Mining India is part of ArcelorMittal and Nippon Steel joint venture (JV).
Uttam Galva Steels is a strategic addition to the JV which also operates ArcelorMittal Nippon Steel India (AM/NS India) in Gujarat.
The new asset has manufacturing facilities at Khopoli with an annual capacity of 1.2 Million Tonnes Per Annum (MTPA). The company has 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, CEO, AM/NS India, 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.” Luxembourg-based ArcelorMittal is the world’s leading steel and mining company, while Nippon Steel Corporation of Japan is one of the world’s leading integrated steel producers. PTI ABI HVA
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