Nuvoco Vistas to Acquire Vadraj Cement Via Insolvency Route

09 Jan 2025 CW Team

Nuvoco Vistas Corp, a prominent cement manufacturer in East India, has successfully applied to acquire Vadraj Cement under the Corporate Insolvency Resolution Process. Vadraj Cement, previously owned by ABG Shipyard and based in Gujarat, has a 6 million tonne grinding unit in Surat. This acquisition will increase Nuvoco’s production capacity by over 20%, adding to its existing 25 million tonne capacity.

Vadraj Cement also boasts a clinker capacity of 3.5 million tonnes in Kutch, Gujarat, alongside limestone reserves and a captive jetty.

This transaction will elevate Nuvoco’s total cement production capacity to approximately 31 million tonnes per annum (MMTPA), with 19 MMTPA in the East, 6 MMTPA in the North, and 6 MMTPA in the West, solidifying its position as the fifth-largest cement group in India.

Nuvoco will acquire Vadraj Cement through its subsidiary Vanya Corporation, which was formed in November last year.

The company plans to fund the acquisition without significantly increasing its consolidated debt levels. As of September-end, Nuvoco's net debt stood at Rs 4,501 crore, and it had incurred a loss of over Rs 82 crore for the April-September period. The company plans to reduce its debt to Rs 3,500-4,000 crore by March 2025.

Nuvoco also intends to invest in Vadraj Cement over the next 15 months to refurbish its assets and enhance operations, aiming to begin production by the December quarter of 2026-27.

Vadraj Cement had secured creditors’ debt of about Rs 8,000 crore, and its insolvency process was initiated by the NCLT in February.

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