Evonith Steel has announced a total capital raise of INR 2,000 crore, comprising INR 1,750 crore in fresh debt refinancing and an additional INR 250 crore through Non-Convertible Debentures (NCDs), aimed at strengthening its financial structure and supporting future expansion. The refinancing transaction, underwritten and syndicated by Standard Chartered and JPMorgan Chase Bank, is designed to reduce borrowing costs, extend debt maturity, and enhance financial flexibility. In addition, the company raised INR 250 crore via NCDs from HDFC Mutual Fund, with JP Morgan India Private Limited acting as the structuring advisor.
The company’s credit rating of ‘AA-; Stable’ has been reaffirmed by CRISIL Ratings in March 2026, reflecting improved operational performance and a strengthened financial profile. Evonith Steel has also fully repaid its previous financing announced in October 2024.
Since acquiring the business in December 2020, Evonith Steel has driven significant operational improvements, resulting in increased production, successful project execution, and enhanced profitability. These developments position the company strongly for its next phase of growth, including planned capital expenditure initiatives aimed at expanding downstream capabilities and increasing production capacity.
Jai Saraf, Chairman of Evonith Steel, stated that the refinancing aligns with the company’s long-term vision of building a resilient and growth-oriented organization. He noted that lower capital costs and extended maturities will enable continued investment in operational excellence and future expansion. Rajib Guha, Director at Evonith Steel, added that the financing has significantly reduced costs due to disciplined capital allocation and strong returns on invested capital.
Evonith Steel operates an integrated steel complex in Wardha, Maharashtra, with a production capacity of 1.4 million tonnes per annum. Strategically located near Nagpur, the facility benefits from strong infrastructure connectivity and proximity to key raw materials, enabling efficient distribution across India. The company produces a range of value-added flat steel products, including hot rolled, cold rolled, and galvanized coils and sheets.
