Mr LN Mittal sells 33pct personal holding in KazStroyService

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Business Standard reported that ArcelorMittal Chairman Mr Laxmi N Mittal has sold his 33% personal holding in KazStroyService (KSS), an oil infrastructure provider company based in Kazakhstan, in an effort to put to rest questions on his eligibility to bid for stressed assets in India. KSS owns 100% in KSS Petron, which became a non-performing asset (NPA) in 2015.

The report quoted sources familiar with the matter as saying that Mr Mittal sold his stake to the existing shareholders last Friday.

The deal price is not known.

Domestic lenders, led by the State Bank of India, had asked Mr Mittal to repay KSS Petron’s debts of INR 13.40 billion after the latter defaulted on its loans in India earlier last month.

Mr Mittal’s share sale in KSS comes after the transfer of ArcelorMittal’s 29% stake in Uttam Galva Steels to co-promoters at INR 1 a piece on February 7, resulting in the termination of the co-promotion agreement of 2009. Mittal had bought the Uttam Galva shares at INR 120 a share.

Source : Business Standard