The government has approved NRI billionaire Lakshmi Mittal-led ArcelorMittal`s over Rs 500 crore foreign direct investment for
acquisition of 35 per cent stake in steel products maker Uttam Galva.
The proposed FDI of Rs 503.37 crore by ArcelorMittal, Netherlands, has been approved by the Foreign Investment Promotion Board, the Finance Ministry said in a statement here.
The FIPB nod is a major regulatory go-ahead for the deal
, which would mark the first operational presence in India for the world`s largest steelmaker whose greenfield projects here have been plagued by regulatory and administrative hurdles.
Last month, ArcelorMittal had threatened to abandon its 20 billion dollar steel projects in Orissa and Jharkhand over delays, but said it will look for new sites within the country.
The Uttam Galva deal is also currently awaiting a nod from market regulator SEBI.
| NIFTY 
