Mumbai: AM Mining India Pvt Ltd, part of ArcelorMittal and Nippon Steel joint venture, today completed the acquisition of Uttam Galva Steels Ltd, a downstream steel manufacturer in Maharashtra.
Completion of the acquisition process follows the recent approval by the National Company Law Tribunal, Mumbai, of a resolution plan for Uttam Galva Steels Ltd, submitted by AM Mining India Pvt Ltd, under the Insolvency and Bankruptcy Code.
Uttam Galva Steels is 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 Steels has its 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, Mr. Dilip Oommen, Executive Vice President, 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.”
