Nithia Capital Commissions New BF at Uttam Galva Metallics

Nithia Capital announced that Uttam Galva Metallics has successfully commissioned the Blast Furnace No 2 at the Wardha Steel Complex located near Nagpur in Maharashtra. BF2 has a capacity of 700,000 tonnes of hot metal per annum, which will largely be utilized to supply the hot metal and pig iron requirements at the adjacent steelmaking facilities of Uttam Value Steels. Uttam Galva Metallics & Uttam Value Steels Chairman and Founder & CEO of Nithia Capital Mr Jai Saraf said “This is a proud moment for us at Nithia and at Wardha Steel Complex, fulfilling a commitment made at the time of acquisition. This is not the culmination of our investment programme at the complex, but an important step towards realizing our overall goal of making Wardha Steel Complex a 2.0 mtpa fully integrated primary steel producer.” One of the primary objectives of Nithia upon acquisition of both Uttam Galva Metallics and Uttam Value Steels in December 2020 was to complete this unfinished project within 18 months. This has now been achieved in time and on budget through discipline and teamwork, despite several challenges along the way. This additional capacity will supplement Blast Furnace No 1 which has now been taken down for refurbishment and capacity enhancement, post which, Uttam Galva Metallics will have a hot metal production capacity of over 1.5 million tonnes per annum, a 3.0X increase since the time of acquisition.This BF2 project commenced in 2015 and was halted due to financial constraints in 2018.Nithia and AB CarVal completed the acquisition of Uttam Galva Metallics and & Uttam Value Steels for in excess of INR 2,000 crore in December 2020 after securing the approval of the National Company Law Appellate Tribunal. Nithia Capital acquired the entities through their Singapore-based Joint Venture Holding Company, Wardha Steel HoldingsFounded in 2010, Nithia Capital is a global investment and advisory firm that specialises in turning around heavy asset-backed underperforming industries in steel, power, resources, and allied industrials.