While LN Mittal may have clearly shown his disappointment with Indian systems, his company, ArcelorMittal sure has some big plans for the country. The global steel giant, on Monday, bought another 29 per cent stake in Uttam Galva.

Post the acquisition the total holding of ArcelorMittal has reached 34.42 per cent. The deal cost ArcelorMittal Rs. 422 crore.

This deal follows the earlier buying of 6 per cent stake by ArcelorMittal just three months back. At that time, the company made an open offer for buying out 3.52 crore shares which cost it Rs. 120 per share.

Uttam Galva is a family promoted steel company where the majority shares are controlled by the Migalani family. Currently, the open offer is being managed by SBI Capital Markets. As per the deal between ArcelorMittal and Migalanis, the former is supposed to buy a chunk of shares from the market by the combination of share purchase from Miglanis and an open offer.

The deal, say experts, mean a lot to Arcelor Mittal which has been trying to set up many greenfield projects in India. The total value of these projects is close to $10billion.