UK-based Nithia Capital eyes 3.5 MT steelmaking capacity in India: CEO

Government infrastructure will fuel domestic steel consumption for two years, says Jai Saraf

Nithia Capital, the UK-based global advisory and investment firm, plans 3-3.5 million tonnes (mt) of steelmaking capacity in India through a mix of acquisition and expansion of existing assets, said its leader.

Nithia in partnership with CarVal Investors acquired Uttam Galva Metallics (UGML) and Uttam Value Steel (UVSL) in 2020 for a total consideration of more than Rs 2,000 crore. Uttam’s assets were on the Reserve Bank of India’s list of non-performing assets (NPAs) for debt resolution under the Insolvency and Bankruptcy Code (IBC).

Since then, the iron-making capacity at UGML has increased three-fold to 1.5 million tonnes per annum