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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
