Johannes Sittard, Chairman and Founding member of Nithia Capital, has been appointed Chairman of Wardha Steel and Jai Saraf, Founder and CEO of Nithia Capital, has been appointed Chairman of Uttam
Alternative asset managers Nithia Capital and CarVal Investors have acquired the distressed steel plants of Uttam Galva Metallics Ltd(UGML) and Uttam Value Steel Ltd (UVSL) through their Singapore-based Joint Venture Holding Company, Wardha Steel Holdings Pte Ltd for ₹2000 crore.
Johannes Sittard, Chairman and Founding member of Nithia Capital, has been appointed Chairman of Wardha Steel and Jai Saraf, Founder and CEO of Nithia Capital, has been appointed Chairman of Uttam.
“The acquisition of Uttam is an important and strategic step for Nithia Capital. Nithia envisions to create a consolidated steel operating platform of up to two million tonnes of steel production per year in India through acquisition and organic growth," Jai Saraf said in a statement. “We have been looking at multiple steel acquisition opportunities in India over the last few years and we are confident that we will continue to grow and build further on the success of Uttam. We consider India to be the engine of growth for world steel for the next 20-25 years, and it is our intention to actively participate in this process."
The acquisition under the Insolvency and Bankruptcy Code was approved by the National Company Law Appellate Tribunal in September. The two companies, which had outstanding dues of over ₹7400 crore, were recommended for corrective action by the RBI in its second list of large defaulters.