Facing "financial stress", Uttam Galva Steels today said it is looking at various options for resolution of debt including initiating discussions with potential strategic partners and investors.
"Since the company is in financial stress, lenders and company are looking at various options for resolution of debt including initiating discussions with potential strategic partners/investors as per the directions of the lenders," Uttam Galva said in a BSE filing.
The company was replying to the clarification sought by the bourses on the media reports which said that Aion Capital is in talks with Uttam Galva for takeover.
"However, to the best of our knowledge all such discussions are in preliminary stage," the company said.
Uttam Galva Steels Ltd is a leading manufacturer of cold rolled steel and galvanised steel in Western India.
The company is into the business of procuring hot rolled steel and processing it into CR and further into GP and colour coated coils.
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