Kotak Special Situations Fund invests Rs.5 bn in Nirma unit

Kotak Special Situations Fund, managed by Kotak Investment Advisors, has announced that it has made an investment of Rs.5 bn in Nirma Group unit Nuvoco, to help finance the latter's acquisition of Emami Cements.This financing is timely for achieving financial closure for Nuvoco to consummate the acquisition and consolidate its position as a leading cement manufacturer in Eastern India, Kotak said 

in a statement, as reported. 

The investment will help fuel the growth of the consolidated cement business of Nuvoco, with an eventual foray into the primary capital market, it added. Nuvoco had agreed in February to acquire the cements business of the Emami Group for an enterprise value of Rs.55 bn.