In December 2020, Singapore-based Wardha Steel Holdings Pte. Ltd., a joint venture between Nithia and CarVal Investors, acquired Uttam Galva Metallics Ltd. (UGML) and Uttam Value Steel Ltd. (UVSL). It was an investment of US$ 273 million. Both the assets were acquired through a competitive bidding process.
Together, these assets -- ‘Wardha Steel’ -- form an integrated flat steel producer with an annual capacity of c. 0.7 million tonne of crude steel. It includes a variety of flat steel products, such as hot-rolled coil, cold-rolled coil and galvanised steel.
The way forward is to double Wardha Steel’s primary steelmaking capacity in the immediate future by concluding all partially-completed capital projects, increase steel smelting output and overall, increase operational efficiencies.
For more information on this investment please visit www.wardhasteel.com