Nithia Capital Acquires Topworth Urja and Metals for ₹300 Crore to Boost Steel Production Capacity.

Nithia Capital and its investment holding arm, Evonith Holdings Pte Ltd, have completed the ₹300 crore ($34 million) acquisition of Topworth Urja and Metals Ltd, marking Nithia’s third major steel asset purchase in India.

Topworth Urja, located near Nagpur, Maharashtra, operates a 0.2 million tonnes per annum (mtpa) long-products steel plant, featuring integrated facilities for direct reduced iron (DRI) production, steelmaking, rolling, as well as 35 MW of captive power generation and thermal coal mining rights. Nithia plans to rehabilitate and grow Urja’s operations to 0.5 mtpa while maximizing its power generation potential.​

Jai Saraf, Chairman of Evonith Steel and CEO of Nithia Capital, said the acquisition supports the group’s objective to surpass 6 mtpa steelmaking capacity in India. Rajib Ranjan Guha, Non-Executive Director of Urja and Nithia partner, emphasized that this diversified asset adds both flat and long steel products to the group's portfolio, enhancing production and validating the success of the Insolvency and Bankruptcy Code process in restoring stressed assets.