Nithia Capital plans 6 mt steel capacity in India, IPO on the cards

The UK-based firm eyes Rs 6,000 crore investment to expand Evonith Steel's capacity and explore acquisitions, with a public issue planned in 18-24 months

Nithia Capital, the UK-based global advisory and investment firm, is planning six-million-tonne steel capacity in India through a mix of organic and inorganic opportunities. The firm is also considering an initial public offering (IPO) as part of its funding strategy for expansion.

 

Nithia’s entry into the metals and mining space in India is anchored through its investment in the Wardha steel complex in Maharashtra under the Evonith Steel umbrella, comprising Evonith Metallics Limited (formerly Uttam Galva Metallics Ltd) and Evonith Value Steel Limited (formerly Uttam Value Steels Ltd).

 

The companies were acquired in 2020 under the Insolvency and Bankruptcy Code