Saturday, January 2, 2010

ArcelorMittal acquires stake in Uttam Galva:

The world's largest steel maker ArcelorMittal owned by London-based NRI billionaire LN Mittal made an entry in India by picking a significant minority stake in Mumbai-based speciality steel products maker Uttam Galva Steels.
The deal would entitle ArcelorMittal to become a co-promoter in the Indian steel maker. ArcelorMittal is expected to purchase 5% stake for Rs 69.6 crore at Rs 120 a share in the first stage and thereafter ArcelorMittal will make an open offer to purchase a 30% stake at the same price valuing the company at Rs 1,384.3 crore.







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