Nuvoco Vistas Wins Bid to Buy Vadraj Cement in Insolvency Resolution

08 Jan 2025 CW Team

Nuvoco Vistas Corporation Ltd, the building materials arm of the Nirma Group, has been declared the successful resolution applicant (SRA) for Vadraj Cement Ltd (VCL) under the corporate insolvency resolution process (CIRP). The Committee of Creditors (CoC) approved Nuvoco's resolution plan, issuing a letter of intent (LOI) to confirm the selection. The acquisition will be executed through Vanya Corporation Private Ltd, a wholly-owned subsidiary of Nuvoco Vistas. The company plans to fund the transaction without significantly increasing its consolidated debt. A phased investment is planned over 15 months to refurbish assets and improve operations, with production expected to commence by Q3 FY27, subject to National Company Law Tribunal (NCLT) approval. The acquisition includes VCL's key assets: a 3.5 million tonnes per annum (MTPA) clinker unit in Kutch, Gujarat, and a 6 MTPA grinding unit in Surat, Gujarat. Additionally, VCL's high-quality limestone reserves ensure a sustainable supply of raw materials, while its captive jetty in Kutch enhances logistical efficiency. Post-acquisition, Nuvoco’s total cement production capacity will rise to 31 MTPA, solidifying its position as the fifth-largest cement producer in India. The deal is expected to create synergies with Nuvoco’s existing facilities in Nimbol and Chittorgarh, Rajasthan, optimising logistics, streamlining operations, and improving market access. This will enhance the company’s supply chain and competitiveness across key regions. Nuvoco’s Managing Director, Jayakumar Krishnaswamy, called the acquisition a transformative step. "This deal strengthens our position as a leading player in the Indian cement industry, expands our geographic reach, and enhances operational capabilities. It aligns perfectly with our strategy to deliver superior value and service in a competitive market," he stated. (cnbctv18)

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