India’s AMNS emerges as sole bidder for stressed assets of Uttam Galva

Tuesday, 23 March 2021 12:27:41 (GMT+3)   |   Kolkata
       

India’s ArcelorMittal Nippon Steel Limited (AMNS) has emerged as the sole bidder for ailing steelmaker Uttam Galva Steel Limited, SteelOrbis has learned from industry circles on Tuesday, March 23.

While AMNS has not made any official comments, sources said that, of the four Indian steel companies that had submitted expressions of interest, only AMNS, after due diligence, has submitted a resolution plan under the Insolvency and Bankruptcy Code (IBC) for the takeover of the ailing assets of Uttam Galva.

The latter has a 1.2 million mt cold rolling mill in the western Indian state of Maharashtra.

ArcelorMittal had previously held a 32 percent equity stake in Uttam Galva, but had to divest this holding in order to bid for the stressed assets of Essar Steel in collaboration with Japanese Nippon Steel, as the rules did not permit stakeholders in debt-defaulting companies to bid in the resolution process under the IBC.


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