Mumbai (Maharashtra) [India], December 12 (ANI/BusinessWire India): Nithia Capital (“Nithia”) today announced the launch of the Evonith brand platform for its investments in India. Evonith will pursue investments in steel, metals & mining, power, infrastructure, and allied industries. The designated website for this platform is www.evonith.com.
Nithia’s flagship Indian investments in Uttam Galva Metallics Limited (“UGML”) and Uttam Value Steels Limited (“UVSL”) will also rebrand itself as below, once all legal and compliance formalities are completed soon:
– UGML: Evonith Metallics Limited (“EML”)
– UVSL: Evonith Value Steel Limited (“EVSL”)
The name Evonith signifies the evolution of Nithia (Evolving Nithia). The logo showcases three peaks keeping in mind the core values of the organisation i.e., people, impact, and excellence.
Commenting on the launch Jai Saraf, Founder & CEO of Nithia Capital and Chairman of newly launched Evonith said, “Evonith is rooted in a mindset of continuous evolution. We believe in eternally moving upwards and onwards. It reflects in our core identity. The launch of Evonith in India furthers our desire to grow beyond conventional business models and become the backbone of our community, the lynchpin of sustainability, and to continue to hold ourselves to a higher standard.”
“We are not just a manufacturing business, but a cost-efficient, sustainable corporation that cherishes its local communities. By enhancing the lives of our stakeholders through a variety of socio-cultural and well-being initiatives, we have built a vibrant and forward-thinking workplace,” added Jai Saraf speaking on the focus of Evonith.
Rajib Guha, Partner at Nithia Capital said, “Over the past two years, Nithia has successfully turned around the operations of UGML and UVSL breaking all production and productivity records of the past. UGML successfully completed and commissioned the second blast furnace, thereby clearing the path to take the iron making capacity to 1.5 mtpa upon completion of relining of BF1 with expanded volume – a 3.0 x increase in 3 years. This can only be achieved through global expertise, professionalism, and solution-driven culture.”
At the Wardha Steel Complex, Evonith has a designated investment strategy to transform the current asset base through to make it a fully integrated 2.5+ mtpa steelmaking complex. Furthermore, Evonith will continue to seek investment opportunities across the metals & mining space where its values and business expertise can be brought to the fore.
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