ArcelorMittal is exploring the possibility of taking ownership of Uttam Galva and recovering the value in KSS Petron after paying off their dues to become eligible for Essar Steel bid. Last week, Arcelor paid Rs 74.69 billion to financial creditors of Uttam Galva Steels and KSS Petron to clear overdue debts to be considered by Essar Steel’s committee of creditors (CoC). Around 80 per cent of the dues were on account of Uttam Galva. Subsequently, Arcelor was declared as the highest bidder for Essar. As ArcelorMittal has paid Uttam Galva’s total debts and Uttam Galva has not formally entered an insolvency process, ArcelorMittal is now a significant financial creditor of Uttam Galva. It is considering whether and how to acquire ownership of Uttam Galva, an Arcelor spokesperson said.
ArcelorMittal exploring possibility of taking ownership of Uttam Galva
