Evonith Steel (formerly Uttal Galva Metallics and Uttam Value Steel) plans to significantly increase its steel production capacity from 1.4 million tonne per annum (MTPA) to 3.5 MTPA.

This expansion will require an investment of Rs 5,500 crore to Rs 6,000 crore over three years, and will be financed through internal accruals, debt, and a planned initial public offering (IPO) within the next 18-24 months. The company, under the ownership of Nithia Capital, has already improved its financial standing, and its portfolio includes flat steel, hot-rolled coils, and galvanised steel, with an emphasis on expanding into the automotive and white goods markets after the capacity increase. This move follows a successful turnaround since 2021 when the company was acquired for Rs 2,000 crore.

Over the past five years, the company based in Wardha, Maharashtra, has expanded its finished steel production capacity from 0.5 MTPA to 1.1 MTPA (including the upcoming pipe plant), through an investment of Rs 1,500 crore funded by internal cash flows. The new 0.3 MTPA ductile iron pipe plant is expected to be operational by December.