Uttam Galva zooms on talk of land sale to Walt Disney

Shares of Uttam Galva, manufacturer and exporter of value-added-steel products, surged 13% to 77 on Wednesday on speculation Uttam Galva, in which Arcelor Mittal holds 34.42% stake, is in advanced talks with Walt Disney to sell a portion of its land in Maharashtra.

The market is abuzz with speculation that the company is negotiating to sell 55 acres owned by it for nearly 100 crore to Walt Disney, which plans to develop a theme park.

An email query sent to Uttam Galva in this regard remained unanswered till the time of going to press. Ronnie Screwvala, managing director of Walt Disney Company India, did not respond to a text message on the matter.