Evonith Steel Bags ₹2,000 Cr for Debt Relief, Expansion

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AuthorRiya Kapoor|Published at:
Evonith Steel Bags ₹2,000 Cr for Debt Relief, Expansion
Overview

Evonith Steel has raised ₹2,000 crore through a mix of debt and Non-Convertible Debentures. The capital infusion will largely target debt reduction, with ₹1,750 crore allocated to refinancing existing borrowings and improving the company's capital structure. A further ₹250 crore will finance ongoing project completions and capacity expansion, including DI pipes and coated steel lines, positioning the company for future growth and operational excellence.

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Evonith Steel secured the ₹2,000 crore funding through a combination of new debt and Non-Convertible Debentures (NCDs). Approximately ₹1,750 crore will be directed towards refinancing existing loans. This strategic move is aimed at lowering borrowing costs and enhancing the company's financial flexibility.

The remaining ₹250 crore is earmarked for completing ongoing projects and expanding production capacities. Key projects include the Ductile Iron (DI) pipes facility, targeting a capacity of 0.3 million tonnes per annum (MTPA) in Maharashtra. The company also plans to double its coated steel production capacity from 0.3 MTPA to 0.6 MTPA by adding Bare Galvalume/Zinc-Aluminium-Magnesium and colour coated lines.

Evonith Steel is also venturing into high-quality long products with the establishment of a 0.5 MTPA billet caster. Chairman Jai Saraf noted that by reducing the cost of capital and extending debt maturities, the company is better positioned to invest in operational excellence and future expansion.

Previously, Evonith Steel invested approximately ₹1,500 crore to increase its iron and steel making capacity from 0.6 MTPA to 1.4 MTPA. This announcement was made public on April 19, 2026.

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