MUMBAI, Sept 4 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
(Reporting by Prashant Mehra and Swati Pandey; )