Explained: How Uttam Galva Steels lost its sheen amid mounting debts

The promoter group's deal-making capabilities have come back to haunt it

The Mumbai-based Miglanis were known for eye-catching deals. In 2009, a stake in their flagship Uttam Galva Steels Ltd (UGSL) paved the way for the world’s largest steelmaker, ArcelorMittal, to gain a foothold in India after aborted attempts at setting up greenfield plants. In 2015, when South Korea’s Posco failed to make any headway with its mega steel plant in Odisha, it signed a memorandum of association (MoA) with group company Shree Uttam Steel and Power, for setting up a much smaller plant of three million tonnes. But five years on, the outcomes of the deals remain unrealised for different