Global steel giant ArcelorMittal will sell its entire stake (29.1 percent) in Indian cold rolled and galvanized steel producer Uttam Galva Steels to the latter’s owners at a price below its market value, according to Reuters.
Reuters stated that ArcelorMittal’s decision to exit Uttam Galva was probably driven by the change in the bankruptcy law in India and the sale of the shares could enable the company to bid for other Indian steel assets which are under insolvency proceedings.
In late January, India-based The Economic Times reported that ArcelorMittal and Japan-based Nippon Steel are planning to put in a joint bid for bankrupt Indian steelmaker Essar Steel, while previously ArcelorMittal had withdrawn its offer for another bankrupt Indian steel company Bhushan Steel.