Evonith Steel's Big Bet: ₹6,000 Cr Expansion Underway

Evonith Steel, formerly known as Uttam Galva Metallics and Uttam Value Steel, has announced plans to expand its steel production capacity from 1.4 million tonnes per annum (MTPA) to 3.5 MTPA.

The three-year expansion project entails an investment of ₹5,500–6,000 crore, to be funded through a mix of internal accruals, debt, and a planned initial public offering (IPO) within the next 18–24 months.

Owned by Nithia Capital, Evonith Steel has achieved a strong financial turnaround since its acquisition in 2021 for ₹2,000 crore. Its product portfolio includes flat steel, hot-rolled coils, and galvanised steel, with plans to further diversify into the automotive and white goods sectors post-expansion.

Over the last five years, the company’s Wardha, Maharashtra facility has grown its finished steel capacity from 0.5 MTPA to 1.1 MTPA, supported by an investment of ₹1,500 crore from internal resources. Additionally, a new 0.3 MTPA ductile iron pipe plant is set to become operational by December, strengthening Evonith Steel’s product range and market presence.

News by Rahul Yelligetti.