* ArcelorMittal to sell 29 pct stake to Uttam Galva founders
* Stake sale at below market price, founding family member says
* Deal seen driven by curb on associates of bank loan defaulters
By Promit Mukherjee
MUMBAI, Feb 6 (Reuters) – ArcelorMittal is set to sell its entire stake in Indias Uttam Galva Steels to the companys founders at less than the market price of the stock, a member of Uttam Galvas founding Miglani family told Reuters on Tuesday.
The sale could free ArcelorMittal, the worlds biggest steelmaker, to bid for other Indian steel assets which are being auctioned off as part of insolvency proceedings.
Ankit Miglani, a former managing director of the company and part of the founding family, said ArcelorMittal had asked Ut…
Read the full article at: https://www.reuters.com/article/arcelormitta-uttam-galva-stake/arcelormittal-to-exit-indias-uttam-galva-to-make-way-for-new-steel-bids-idUSL4N1PW2V4
