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AM Mining India, part of ArcelorMittal and Nippon Steel joint venture, has completed the acquisition of Uttam Galva Steels, a downstream steel manufacturer in Maharashtra on Thursday.
Last month, the National Company Law Tribunal, Mumbai had approved the ₹4,050-crore resolution plan for Uttam Galva Steels, submitted by the company, under the Insolvency and Bankruptcy Code.
AM Mining India will infuse ₹320 crore in Uttam Galva Steel.
Uttam Galva Steels is a strategic addition to ArcelorMittal and Nippon Steel joint venture, which also operates ArcelorMittal Nippon Steel India.
Uttam Galva Steels has its manufacturing facilities at Khopoli, with an annual capacity of 1.2 million tonne per annum (MTPA).
Dilip Oommen, Executive Vice President, ArcelorMittal, said both the companies will come together to produce smarter steels for discerning customers.
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