Arcelor unit takes stake in India's Uttam Galva
MUMBAI, Sept 4
MUMBAI, Sept 4 (Reuters) - Indian steel maker Uttam Galva Steels Ltd (UTTM.BO) said on Friday ArcelorMittal Netherlands, a unit of leading steel maker ArcelorMittal (ISPA.AS), had taken a stake in it and become a co-promoter of the firm.
Uttam Galva did not disclose the financial details of the deal. It said ArcelorMittal would make an open offer and nominate half the non-independent directors on the board.
Shares in Uttam Galva, valued at about $250 million, closed 10 percent higher at 113.70 rupees in a Mumbai market that up 1.9 percent on Friday.
Uttam Galva has capacity to produce 750,000 tonnes a year of galvanised steel and 1 million tonnes a year of hot and cold rolled coils at its plant in western India.
It reported annual revenues of 45 billion rupees in 2008/09. (Reporting by Prashant Mehra and Swati Pandey; )
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