Jharkhand News: Nuvoco Vistas acquire Vadraj Cement
PINAKI MAJUMDAR Advertisement Jamshedpur, Jan 7: The Jamshedpur-based Nuvoco Vistas Corp Ltd (formerly Lafarge) has completed the acquisition of Gujrat-based Vadraj Cement…
PINAKI MAJUMDAR
Jamshedpur, Jan 7: The Jamshedpur-based Nuvoco Vistas Corp Ltd (formerly Lafarge) has completed the acquisition of Gujrat-based Vadraj Cement Ltd (VCL).
The acquisition process was completed by Vanya Corporation Private Limited, a subsidiary of Nuvoco.
The company has planned a phased investment over 15 months to improve the operations of VCL’s plants and renovate the assets.
The target is to start production by the third quarter of the financial year 2027, which is dependent on the approval of the statutory body- the National Company Law Tribunal (NCLT).
Nuvoco Vistas Corporation Limited is the fifth-largest cement group in India. It operates 11 plants in eastern and northern India. Nuvoco Vistas is part of the Nirma Group.
Also Read- SC orders Jharkhand to appoint Opposition leader for Information Commission vacancies
Production Capacity To Increase to 31 MMTPA
With this acquisition, Nuvoco’s total cement production capacity will increase to 31 MMTPA.
VCL has high-quality limestone reserves and facilities like a captive jetty in Kutch, which will boost logistics efficiency.
MD Speaks
Nuvoco Vistas managing director Jayakumar Krishnaswamy said, “This acquisition will strengthen our geographical reach and operational capabilities, thereby providing better services to the customers.”
Benefits From Acquisition
Nuvoco has emerged as the successful SRA of VSL, which is currently going through the corporate insolvency resolution process.
The resolution plan submitted by Nuvoco has been approved by the Committee of Creditors (CoC), and a Letter of Intent (LOI) has been issued.
The company definitely expects to earn good profits in the future from this acquisition.
Existing plants include a 3.5 MMTPA (10,000 TPD) clinker unit at Kutch, Gujarat and a 6 MMTPA grinding unit at Surat, Gujarat.
