Evonith Steel (formerly Uttal Galva Metallics and Uttam Value Steel) plans to more than double capacity to 3.5 million tonnes per annum from 1.4 mtpa, with an investment of ₹5,500 crore – ₹6,000 crore over three years.

The promoters of the company, Nithia Capital, plan to fund the expansion through internal accruals, debt, and an initial public offering in 18-24 months.

Revival and growth journey

In 2021, UK-based stressed asset management companies, Nithia Capital and CarVal Investors, through an NCLT-driven process, acquired Uttam Galva Metallics and Uttam Value Steel for about ₹2,000 crore.

In the last five years, the company based out of Wardha, Maharashtra, has increased its finished steel capacity to 1.1 mtpa (including the proposed pipe plant) from 0.5 mtpa, with an investment o

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