ArcelorMittal bets big on insolvent firms to build its India empire

World's largest steel co set to buy Uttam Galva

arcelormittal, steel maker

Dev Chatterjee Mumbai
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

First Published: May 20 2022 | 7:15 PM IST

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