The world’s largest steel maker, ArcelorMittal, is all set to acquire yet another insolvent firm in India–Uttam Galva Steels--by submitting a resolution plan to its lenders. With this, ArcelorMittal will be taking over yet another company in India that was sent to the insolvency courts for debt resolution following a default.
“Our experience with ArcelorMittal has been good so far and we made the highest recovery where the company had made a bid. Essar Steel acquisition resolution remains the highest with ArcelorMittal offering Rs 42,000 crore on a Rs 49,000 crore default,” said a banker close to the development.
Uttam Galva's biggest creditors were ArcelorMittal India and ArcelorMittal Luxembourg, with 75 per cent of the total debt when it took