Lloyds Steel renamed as Uttam Value Steels

Lloyds Steel renamed as Uttam Value Steels Mumbai: After acquiring majority stake in Lloyds Steel, Uttam Galva on Tuesday said it has got necessary approvals to rename the entity as Uttam Value Steels.

"Lloyds Steel Industries, in which the Miglani family (promoters of Uttam Galva) acquired 58.35 percent stake, has been renamed as Uttam Value Steels," it said.

The company has received approvals from the Registrar of Companies, Maharashtra and shareholders for the same, it added.

Earlier, Deputy Managing Director of Uttam Galva Steels, Ankit Miglani had said Uttam Galva hoped to turnaround the acquired entity by the end of this year.

The company has a steel making capacity of 1 million tonne per annum and posted a net loss of Rs 213 crore over the last two financial years.

PTI