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Our Legacy and Transformation

In December 2020, Nithia Capital made its first foray into the Indian market with the acquisition of Evonith Steel, marking a powerful transformation under the leadership of Mr. Jai Saraf.

Evonith Steel’s journey began with the legacy of Evonith Steel Metallics Limited and Evonith Steel Value Steel Limited, renowned for innovation.

"Evonith Steel" merges "Evolution" and "Nithia" — reflecting our mission continuously to lead industrial modernisation globally. From our base in Mumbai, we are not just producing steel — we are shaping a sustainable future by driving innovation across metals and mining.

Steelworker torching metal

Our Story

2025

2025

2024

2022

2021

Industrial steel framework

2025

DI Pipe Plant Construction Underway

Construction of the 0.3 MTPA DI pipe plant commenced with a total estimated capital outlay of ₹650 crore at EVSL. The plant is slated for completion and commissioning by December 2025.

Our Story

2024

2024

2022

2021

2020

Industrial steel plant

2024

Enhanced Capacity and Future Planning

In November 2024, the refurbishment of Blast Furnace 1 was completed, increasing total iron-making capacity to 1.40 MTPA. This year also marked the beginning of the planning and design phase for a Ductile Iron (DI) pipe plant.

Our Story

2022

2022

2021

2020

Industrial plant structure

2022

Capacity Expansion and Infrastructure Boost

The year saw the completion of major capital expenditure projects, including Blast Furnace 2, the second Sinter Plant, and the Raw Material Handling System. Simultaneously, Blast Furnace 1 was taken offline for refurbishment.

Our Story

2021

2021

2020

Industrial steel facility

2021

Swift Turnaround and Profitability

Within the first full month of operational control, the business turned cash positive, achieving a production run-rate of 0.72 MTPA. By the end of the fiscal year, the company had undergone a successful turnaround, generating an EBITDA exceeding $180 million.

Our Story

2020

2020

Steel mill timeline

2020

Strategic Acquisition

In December 2020, Nithia completed the acquisition of Evonith Steel, an integrated flat steel producer, comprising Evonith Steel Metallics Limited (EML) and Evonith Steel Value Steels Limited (EVSL) with a 0.6 MTPA blast furnace capacity. The transaction, valued at $273 million, was finalized during the peak of the COVID-19 pandemic in India.

A Vision to Transform Steel— Sustainably, Globally, and Boldly

At Evonith Steel, our vision is to lead the global steel industry through innovation, integrity, and a commitment to a sustainable future. We are reimagining the metals sector with advanced technologies, empowering communities, and delivering lasting excellence.

We are scaling production to 2.5 million tonnes annually at the Evonith Steel City Complex, focusing on low-carbon steel, renewable energy, and efficiency. As we grow, we continue investing in our people — building skills, ensuring safety, and preparing for a future-ready tomorrow.

workers pouring molten-steel
Steel pipe workers
Factory workers inspecting
Factory workers inspecting
Molten steel production
molten steel process
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Evonith Steel stands at the intersection of performance and purpose. As we grow in strength and scale within our industry, our focus remains clear, creating shared value for our stakeholders. We believe that business success is not just measured by financial outcomes, but by the trust we build, the people we empower, and the impact we leave behind. With resilience, responsibility, and results at our core, we are shaping a future where inclusive progress is the only way forward. Our commitment to sustainability and inclusivity ensures that every stakeholder, from our employees to the communities we serve, benefits from our growth and innovation.

Jai Saraf

Chairman, Evonith Steel

Jai Saraf - Seated chairman portrait

Our Values

At Evonith Steel, our values are the foundation of everything we do.

Respect for all
Well-being for all
Excellence for all

The Evonith Steel Promise

Evonith Steel is the brand that cares. Our promise is of steadfast commitment to protecting and caring for our employees, the environment, and all stakeholders we collaborate with. Our promise is of a better today through persistently striving for product and process excellence.

We never drop the ball when it comes to:
  • Creating a safe and secure environment for everyone
  • Promoting sustainability in the community
  • Building strong partnerships with stakeholders
Evonith's Slogan for Customer

Our Leadership Team

Jai Saraf

Rajib Ranjan Guha

Jai Saraf

Rajib Ranjan Guha

Anil Kumar Bangur

Partha Sengupta

Anjani Agarwal

Mamta Binani

Nipun Gupta

Jai Saraf

Anil Kumar Bangur

Ratnaprasad Atluri

Manish Bawa

R.K Sharma

P.K Patnaik

Connie Silveira

Our Industrial Presence

Consistency and reliability are hallmarks of our ironmaking facility, where the two cutting-edge blast furnaces produce 1.40 MTPA of hot metal – utilised by EVSL as well as external customers. EML’s capabilities have grown significantly over time, ensuring that no one ever has to go without a steady stream of this essential product. EML manufactures Hot Metal and Pig Iron.

Our 1.30 MTPA capacity electric-arc furnaces are the unleashing force powering our operations here at EVSL, fusing recycled scrap and hot metal from EML into high-quality flat steel products. Not only does this demonstrate an impressive level of control but also allows us to reduce our carbon footprint – a welcome benefit for all stakeholders. EVSL produces Hot Rolled Steel, Cold Rolled Steel, Galvanised Steel and Ductile Iron Pipe (DI).

Disclaimer

Evonith Steel Private Limited, with its registered office in Mumbai, India, is the registered trademark holder of the “Evonith Steel” brand name and “Tripeak” logo. The name, logo and other related marques (Evonith Steel, Neelpankh) are used under license by Evonith Steel Metallics Limited and Evonith Steel Value Steel Limited.

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    Jai Saraf

    Chairman

    Meet Jai Saraf, accounting expert and founder of Nithia Capital. Jai is an industry stalwart with over 30 years of experience in mergers and acquisitions, particularly in the metals and mining industry. Armed with a Masters in Business and Finance that complements his in-depth knowledge of the industry, Jai serves as the efficient CEO steering the Nithia Capital ship today.

Before founding Nithia Capital, Jai held other important positions; such as the CFO of Eurasian Resources Group (formerly Eurasian Natural Resources Corporation), CEO of International Mineral Resources, CEO of Turchrome Group, and Financial Director for Mittal Steel (now ArcelorMittal), where he oversaw various financial and operational functions.|

    Jai is the backbone of our company and the perfect ambassador for all our values.

    Chairman Jai Saraf

    Rajib Guha

    Non-Executive Director

    Meet Rajib Guha. He brings over 20 years of valuable experience in investment banking, capital markets and global M&As to the Nithia Capital table. And what’s more, is that he has proven his mettle in different geographical regions across the world. His experience is backed by an enviable educational background, for he holds a CFA Charter and a Masters in Business Administration.

    Before joining the Nithia family, Rajib served as the Chief Investment Officer at Zamin Resources, Managing Director (Emerging Markets) at Royal Bank of Canada, Vice President at Citibank(London), and Vice President at JM Morgan Stanley.
    Evonith Team Member

    Anil Bangur

    Chief Executing Officer

    Meet Anil Bangur, Evonith Steel’s Chief Executing Officer. Anil, an associate member of the Institute of Chartered Accountants of India, is a gold medalist from India’s prestigious Banaras Hindu University. His 25 years of industry experience comes from different core areas, such as finance, accounting, taxation and operations, making him a valuable asset for Evonith Steel.

    His insight into commercial and operations management in the metals and mining industry is probably one of the best among his peers. Before joining Evonith Steel as a CEO, Anil previously served as the CFO of Zambia’s Luanshya Copper Mines, Chambishi Metals Plc, and ENRC Africa’s Copper and Cobalt division.

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    Ratnaprasad Atluri

    Chief Operating Officer

    Ratnaprasad Atluri is a seasoned professional with over 40 years of experience in operations and project management within the steel industry. His career in the steel industry began with a position at the Visakhapatnam Steel Plant. He has held key roles at reputable organisations, including JSW and Essar Steel, and currently serves as the Chief Operating Officer at Evonith Steel. Ratnaprasad applied his extensive industry expertise to successfully steer Evonith Steel’s plant at Wardha to operational success, all while prioritising efficiency.
    Evonith Team Member

    Manish Bawa

    Chief Marketing Officer

    Meet Manish Bawa, who joined Evonith as an assistant manager, after accumulating 29 years of extensive steel industry experience. He has previously worked with organizations such as JSW and Lloyd Steel. Manish is also an XLRI alumnus for strategic management, and he holds a Master’s in Business Administration (Marketing) from Pune’s top Symbiosis college. At Evonith, Manish has shown diligent and persistent results, which have helped him rise through the ranks fast. Today, Manish is Evonith’s Chief Marketing Officer, and his dedication and innovation is just as fresh today as it was on the day that he started.
    Evonith Team Member

    R. K. Sharma

    Industrial Relations and Human Resources professional

    Meet Rama Kant Sharma, an Industrial Relations and Human Resources professional with 40 years of experience in Automobile, Petrochemical and Steel Industry (20 years).

    RK, a graduate in Sociology & Economics along with PG Diploma in Personnel Management & Industrial Relations possesses excellent inter personal skills and successful track record in dealing with IR, HR & PR issues. Prior to joining Evonith Steel as Head – HR he has worked with a Public sector, RPG Enterprise, Bhansali Engineering, Monnet Ispat, Llyods Steel and Uttam Group and has held leadership positions as General Manager, President – HR and lastly Group President – Corporate Affairs.

    He has been honored as one of the Top 100 HR Leaders in India by World HRD Congress in 2015.

    Evonith Team Member

    P. K. Patnaik

    Vice President of Supply Chain Management

    Meet PK Patnaik, an experienced professional with over 34 years of expertise in procurement, logistics, port operations, supply chain management, and the purchase of bulk raw materials and ferroalloys. PK Patnaik possesses strong leadership, analytical and coordination skills, and is competent in a diverse range of areas such as bulk raw material procurement, plant operations, and pelletization of iron ore and chrome ore. As a Vice President of Supply Chain Management at Evonith, his extensive knowledge of SE, East Coast, and SW Railways enables him to handle the movement of raw materials in rakes, cargo handling at port, and procurement of iron ore from PSUs like NMDC, OMC & Pellet from KIOCL.
    Evonith Team Member

    Connie Silveira

    Corporate Social Responsibility (CSR)

    Connie Silveira leads the Corporate Social Responsibility (CSR) function at Evonith Steel, bringing over 18 years of diverse experience in program design, stakeholder engagement, community development, and mental health advocacy. She has been instrumental in establishing Evonith Steel’s CSR department from the ground up—developing strategic frameworks, driving regionally relevant initiatives, and fostering strong relationships with local communities, government bodies, and development organizations. Her work has been pivotal in aligning the company’s social impact efforts with broader environmental and ethical standards. Her leadership is rooted in a deep understanding of community dynamics, backed by her academic background in Master’s in Applied Psychology. She has successfully led multi-stakeholder initiatives, implemented large-scale programs in education, health, sanitation, and empowerment, and championed sustainability reporting and compliance.