US-based advisory and investment firm Nithia Capital on Tuesday announced the acquisition of Crest Steel and Power Pvt Ltd (CREST) in Chhattisgarh for Rs 600 crore through an insolvency proceeding.
This acquisition has been completed under an insolvency process in partnership with Amalgam Steel Private Limited (ASPL), Nithia Capital said in a statement.
“Nithia Capital (Nithia) completes acquisition of CREST in partnership with Amalgam Steel Private Limited with Nithia retaining majority control of the partnership,” the statement said.
CREST is an integrated plant with a sponge iron capacity of 225 kilo tonne per annum (KTPA). The plant has over 400 acre land, providing “extensive room” for brownfield expansion with a private railway siding, Nithia said.
