ArcelorMittal likely to bid for Uttam Galva after its admission to NCLT

ArcelorMittal had taken a bulk of Uttam Galva's debt to become eligible for the Essar Steel bid under the insolvency law and became a significant financial creditor

ArcelorMittal is likely to bid for Uttam Galva Steels, which was admitted to the National Company Law Tribunal (NCLT) recently, and whose co-promoter it once was.

The NCLT Mumbai Bench on October 1 admitted a petition filed by State Bank of India (SBI) under the Insolvency and Bankruptcy Code (IBC).

People in the know said ArcelorMittal would bid for the company. However, the company declined to comment.

Going through the NCLT route will crystallise Uttam Galva debt for ArcelorMittal, added sources.

“There would be no hidden liabilities,” one of them said.

The world’s largest steelmaker had taken the bulk of Uttam Galva’s debt to be