Global advisory and investment firm Nithia Capital has acquired India’s Crest Steel and Power Limited through the bankruptcy resolution process, a company statement said on Tuesday, April 12.
The ailing Crest Steel and Power Limited has an integrated steel mill in the central state of Chhattisgarh which includes a 225,000 mt per year capacity sponge iron plant, 80,000 mt billet production capacity, and 400 acres of land available for brownfield expansion.
Plans for revival of Crest drawn up by Nithia Capital include completion of the 1,500,000 mt per year iron ore pellet plant and doubling of billet and sponge iron capacities.