Evonith Steel has secured Rs. 1700 crore from multiple banks, including Standard Chartered and JP Morgan, to repay existing creditors and extend debt maturities. Acquired by UK-based Nithia Capital in 2021, Evonith has an annual capacity of up to 1 million tonnes of crude steel. View More

NEW DELHI: Evonith Steel (formerly Uttam Galva Metallics and Uttam Value Steels) has raised Rs. 1700 crore from Standard Chartered Bank, JP Morgan, IndusInd Bank and Catholic Syrian Bank to repay existing creditors that include Indian banks and AB Carval who had subscribed to non-convertible debentures issued by the company, according to a company release. The new funds will help the company extend debt maturities and reduce the cost of the debt it is carrying resulting in overall balance sheet improvement, the company said. UK-based Nithia Capital had acquired Uttam Galva Metallics and Uttam Value Steels through the insolvency and bankruptcy code ( IBC ) process in January 2021 for a consideration of Rs. 2000 crore. The companies were renamed Evonith Metallics Limited and Evonith Value Steel Limited and are collectively part of Evonith Steel. Evonith Steel is an integrated mid-size flat steel producer located at Wardha in Maharashtra with a current annual installed capacity of upto 1 million tonne per anum of crude steel. The facilities are strategically located in central India near Nagpur with a captive railway siding and other essential infrastructure facilities, enabling access across all major markets countrywide and proximity to raw materials. Artificial Intelligence(AI)Generative AI for Dynamic Java Web Applications with ChatGPTBy - Metla Sudha Sekhar, Developer and Lead InstructorView Program HRHuman Potential and the Future of EmploymentBy - Lynda Gratton, Prof. at London Business School, Speaker, Author, Global Thought LeaderView Program Artificial Intelligence(AI)Master in Python Language Quickly Using the ChatGPT Open AIBy - Metla Sudha Sekhar, Developer and Lead InstructorView Program MarketingDigital marketing - Wordpress Website DevelopmentBy - Shraddha Somani, Digital Marketing Trainer, Consultant, Strategiest and Subject Matter expertView Program LegalDigital Personal Data Protection Act 2023By - Gaurav Khera, Partner, Risk Advisory: DeloitteView Program FinanceFinancial Reporting and AnalyticsBy - Dr. C.P. Gupta, Professor: Department of Finance and Business Economics, University of DelhiView Program MarketingDigital Marketing Masterclass by Neil PatelBy - Neil Patel, Co-Founder and Author at Neil Patel Digital Digital Marketing GuruView Program Web DevelopmentMastering Full Stack Development: From Frontend to Backend ExcellenceBy - Metla Sudha Sekhar, Developer and Lead InstructorView Program Artificial Intelligence(AI)Mastering C++ Fundamentals with Generative AI: A Hands-OnBy - Metla Sudha Sekhar, Developer and Lead InstructorView Program Web DevelopmentA Comprehensive ASP.NET Core MVC 6 Project Guide for 2024By - Metla Sudha Sekhar, Developer and Lead InstructorView Program LegalLabour LawsBy - Ankita Ray, Partner: Cyril Amarchand MangaldasView Program FinanceAI and Generative AI for FinanceBy - Hariom Tatsat, Vice President- Quantitative Analytics at BarclaysView Program Data ScienceSQL for Data Science along with Data Analytics and Data VisualizationBy - Metla Sudha Sekhar, Developer and Lead InstructorView Program Artificial Intelligence(AI)AI and Analytics based Business StrategyBy - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCIView Program MarketingDigital Marketing Masterclass by Pam MooreBy - Pam Moore, Digital Transformation and Social Media ExpertView Program LegalCommercial Contract and Dispute ResolutionBy - Mukul Sharma, Partner- Cyril Amarchand MangaldasView Program StrategySuccession Planning MasterclassBy - Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd.View Program Evonith Metallics Limited provides the hot metal/pig iron for Evonith Value Steel Limited and third parties to manufacture steel. Evonith Value Steel Limited manufactures steel from this hot metal to produce value added flat steel products such as hot rolled coil, cold rolled coil and galvanized coils and sheets. Founded in 2010, Nithia Capital is a global investment and advisory firm that specializes in turning around heavy asset-backed underperforming industries in steel, power, resources and allied industrials. Jai Saraf and Rajib Ranjan Guha are part of Nithia Capital's supervisory board. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)