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Luthra for Mittal in Uttam Galva Steels M&A

Luthra & Luthra is advising ArcelorMittal on its Rs 500 crore ($103m) stake acquisition in Mumbai-based Steel company Uttam Galva Steels.

Uttam Galva Steels vice president and company secretary R.K. Agrawal handled the legal aspects of the transaction in-house without instructing a law firm.

Luthra's team for ArcelorMittal included founder and managing partner Rajiv Luthra, finance partner Sundeep Dudeja and projects partner Sameen Vyas, assisted by senior associates Shishir Vayttaden and associate Jitender Tanikella.

ArcelorMittal is promoted and controlled by non-resident Indian billionaire LN Mittal. The world's largest steel producer is a long-standing client of Luthra & Luthra.

The company did not have any international advisers on this transaction.

ArcelorMittal announced last Friday (4 September) that it would acquire a stake in Uttam Galva Steels via an open offer to become a co-promoter of the company.

ArcelorMittal could end up owning up to a 35 per cent in the company and a full merger could also be on the cards.

The companies signed a share purchase agreement for 5.6 per cent on 3 September.

Arcelor and Mittal Steel merged in 2006 for €26.9bn. The companies were advised by Skadden Arps Slate Meagher & Flom and Cleary Gottlieb Steen & Hamilton respectively.

Luthra & Luthra and the companies declined to comment.

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