Evonith Steel has successfully refinanced its Non-Convertible Debentures (NCDs) through a new INR 1,700 crore (approximately US$ 200 million) facility. This financial arrangement enabled the company to prepay its NCDs, including those held by Indian banks and AB Carval.
The facility, co-underwritten by Standard Chartered Bank, JP Morgan India, IndusInd Bank, and Catholic Syrian Bank, has allowed Evonith Steel to lower its debt costs, extend debt maturity, improve liquidity, and strengthen its balance sheet.
Since Nithia Capital took over the company (formerly Uttam Galva Metallics and Uttam Value Steels), it has overseen increased production, project completion, and overall profitability, setting the business on a robust growth trajectory.
Established in 2010, Nithia Capital is a global investment firm specializing in the steel, power, resources, and allied sectors. Nithia is known for its ability to transform underperforming businesses into competitive and sustainable enterprises, with a focus on industrial growth in emerging markets.
Evonith Steel operates two key units—Evonith Metallics Limited (EML) and Evonith Value Steel Limited (EVSL)—located at its integrated flat steel production complex in Wardha, near Nagpur, India. EML supplies hot metal and pig iron to EVSL and third parties, while EVSL processes this material to produce high-quality flat steel products, including hot-rolled, cold-rolled, and galvanized coils and sheets.
With strategic infrastructure and proximity to key raw materials, Evonith Steel serves major markets across India. Evonith Steel is an emerging player in the steel industry, committed to producing high-quality steel products with a focus on sustainability and innovation.
Evonith Steel leverages cutting-edge technology and environmentally responsible practices in its operations. The company aims to meet the growing demand for steel in sectors such as infrastructure, automotive, and manufacturing, while minimizing its carbon footprint through efficient processes and renewable energy integration. By aligning with global standards for quality and sustainability, Evonith Steel is positioning itself as a key contributor to the future of green steel production in India and beyond.
