The world's largest steelmaker Luxembourg-based ArcelorMittal said on March 25 that it has bought a further 4.9 percent stake in Indian steelmaker Uttam Galva for an estimated $16.5-17.6 million.
With this acquisition the total share of the steelmaking giant in the company has reached 33.8 percent, the Indian press said.
"We have bought the 4.99 percent at the open offer price of INR 120 ($2.64) a share," an Arcelormittal spokesperson was quoted as saying.