Home / Companies / News / ArcelorMittal, JSW Steel among six firms keen on buying Uttam Galva Steel

ArcelorMittal, JSW Steel among six firms keen on buying Uttam Galva Steel

Uttam Galva's total admitted claims are Rs 9,070.66 crore, with ArcelorMittal having an 87 per cent voting share among financial creditors

Uttam Galva defaults on Rs 664-cr loan; ArcelorMittal, SBI among creditors

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ArcelorMittal became a significant financial creditor of Uttam Galva by taking on bulk of Uttam Galva’s debt in 2018 to become eligible for the Essar Steel bid under the insolvency law.

Ishita Ayan Dutt Kolkata

3 min read Last Updated : Jan 04 2021 | 12:55 AM IST

Four steel companies — ArcelorMittal, JSW Steel, Jindal Steel & Power (JSPL), and Vedanta-owned ESL Steel — have submitted expressions of interest (EoIs) for debt-laden Uttam Galva Steels.

Sources close to the development have confirmed that six companies, including the four cited above, have submitted EoIs for the firm.

Uttam Galva’s admitted claims are Rs 9,070.66 crore, with ArcelorMittal having an 87 per cent voting share among the financial creditors.

The last date for submitting the EoI was December 15, but was extended by seven days. The companies would be invited to submit resolution plans, indicated sources.

The interest in Uttam Galva comes at

Topics : Steel companies Uttam Galva Steels ArcelorMittal JSW steel Jindal Steel and Power Limited Insolvency and Bankruptcy Code

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