Nithia Capital and CarVal Investors acquire Uttam Galva Metallics and Uttam Value Steel

Nithia Capital and CarVal Investors announced that they have completed the acquisition of Uttam Galva Metallics and Uttam Value Steel under the Insolvency and Bankruptcy Code (IBC). The acquisition was executed through their Singapore-based Joint Venture holding Company, Wardha Steel Holdings Pte for a total purchase consideration of in excess of Rs 2,000 crore.

“The plan of Nithia Capital and CarVal is to increase Uttam’s primary steelmaking capacity by 50% in the immediate future by completing partially completed projects in a timely and cost-effective manner,” the statement read.