Nithia Capital, CarVal Investors complete purchase of two Uttam Group firms

Total consideration Rs 2,000 cr; companies were on RBI's second list of NPAs mandated for resolution under IBC

Nithia Capital and CarVal Investors announced on Tuesday that they have completed the acquisition of Uttam Galva Metallics (UGML) and Uttam Value Steel (UVSL) for a total consideration of Rs 2,000 crore.

The firms were on the Reserve Bank of India’s (RBI’s) second list of non-performing assets mandated for resolution under the Insolvency and Bankruptcy Code (IBC). The combined admitted claims by financial creditors of the inter-linked entities — once owned by the Miglani family — amounted to Rs 7,190 crore.

The acquisition was made through a Singapore-based joint venture holding company of Nithia and CarVal — Wardha Steel Holdings.

The deal was