India-based Uttam Galva Steels Ltd, one of the largest producers of cold rolled steel and galvanized steel in western India, has announced that it has not received any proposals from the global steelmaker ArcelorMittal, a minority shareholder in Uttam Galva, to acquire an additional stake in the company.
The Indian steelmaker has denied that ArcelorMittal made a proposal to buy out the shares of the Migliani family, the majority shareholder in the company, following reports of which the value of the company's shares had risen by 16 percent. ArcelorMittal currently holds 33.8 percent of shares in Uttam Galva, while Miglani family has 37 percent shares in the company.