ET reported that ArcelorMittal Netherlands BV would appoint three directors on the board of Uttam Galva following its agreement with the promoters of the company, Mr RK Miglani and associates to acquire their 5.6% stake.
The report cited a top official as saying that "We are not expecting any major changes in the way the company is running currently. There will be a joint management and equal number of directors. The mix would include three directors from the existing promoters and three from co promoters.
Mr Miglani said that “The agreement with ArcelorMittal will help in getting raw material security because we will have access to source hot rolled coil. We are currently importing at least half of our raw material requirement along with other products.”
He said that this will give Uttam Galva access to a huge product mix that it can import and market in India. It will give the company access to huge technology and best practices which will allow us to enhance our product mix and help us grow the company exponentially.
(Sourced from http://www.steelguru.com/news/index/2009/09/07/MTEwNTEz/ArcelorMittal_to_appoint_3_directors_on_UGLS_board.html)
Monday, September 7, 2009
ArcelorMittal to appoint 3 directors on UGLS board
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