Evonith Steel Unveils ₹6,000-Crore Expansion to Double Production Capacity.

Evonith Steel, formerly known as Uttam Galva Metallics and Uttam Value Steel, has announced plans to more than double its production capacity to 3.5 million tonnes per annum (mtpa) from the current 1.4 mtpa. The expansion, estimated to cost between ₹5,500 crore and ₹6,000 crore, will be implemented over the next three years.

The company’s promoters, Nithia Capital, intend to finance the project through a mix of internal accruals, debt, and proceeds from an initial public offering (IPO) planned within the next 18 to 24 months.

Evonith Steel was acquired in 2021 by UK-based stressed asset management firms Nithia Capital and CarVal Investors through an NCLT-driven resolution process for about ₹2,000 crore. The latest expansion marks a significant step in the company’s revival and growth strategy under its new ownership.