Evonith Steel targets aggressive capacity ramp-up in five years

Nithia Capital-owned Evonith Steel, which acquired the bankrupt Uttam Group in 2020, has now set a target to become India’s fifth-largest steelmaker.

- Dipali Banka & Nehal Chaliawala

Evonith plans to reach 6 mtpa, says chairman Jai Saraf.

The company plans to scale up to 6 million tonnes per annum (mtpa) of capacity over the next three to five years from itsexisting 0.8 mtpa, said chairman Jai Saraf. “At Evonith Steel, organically we can grow up to 3.5 million tonnes,” he told Mint in an interview on Wednesday. “The remaining 2.5 million tonnes is going to come from inorganic growth and turning around those new acquisitions to produce more to get to 6 million tonnes.”