Nithia Capital Acquires Topworth Urja and Metals for Rs 300 Cr

Nithia Capital and its investment holding company Evonith Holdings Pte Ltd have successfully completed the acquisition of Topworth Urja and Metals Limited for a total consideration of Rs 300 crore. This marks Nithia’s third successful acquisition of steel assets in India, following the takeovers of Evonith Metallics Limited, Evonith Value Steel Limited, and Crest Steel and Power Limited—the latter later sold to Amalgam Steel.

Located near Nagpur, Maharashtra, Topworth Urja and Metals is a 0.2 MTPA long products steel producer with integrated direct reduced iron (DRI), steelmaking, and rolling mill facilities. The company also operates 35 MW captive power plants and holds thermal coal mining licenses.

Post-acquisition, Nithia Capital plans a comprehensive rehabilitation and growth investment to expand steelmaking capacity to 0.5 MTPA and optimise power generation, further strengthening its position in India’s steel manufacturing sector.

Jai Saraf, Chairman of Evonith Steel, Founder and CEO of Nithia said, “The acquisition of Urja is another strategic step for Nithia in achieving steelmaking capacity in excess of 6.0 mtpa and creating a world class steel production base in India. Evonith Steel’s story in India is growth focused - both organically and inorganically. We aim to make Urja one of the leading long steel producers in the region as we have done with Evonith Steel at Wardha, which is now well set on its growth journey to achieve an overall fully integrated steel production capacity of 3.0 mtpa.”

Nithia acquired Evonith Steel in December 2020, when it was loss-making and operating below 0.5 mtpa. Now producing 1.4 mtpa with a broader product range, the company has achieved higher output, completed projects, improved performance and profitability, and is well positioned for future growth.

Commenting further Rajib Ranjan Guha, Non – Executive Director of Urja and Partner at Nithia said “The Urja acquisition provides us with a diversified product portfolio across our Indian asset base – both flat & long steel products. We now look forward to embarking on enhancing production and brining this asset back to economic success. This transaction further validates the success of the Insolvency and Bankruptcy Code (IBC)."