Vadraj Cement, located in Gujarat, was successfully acquired by Nuvoco Vistas Corp under the Corporate Insolvency Resolution Process. Vadraj Cement will increase Nuvoco Vistas’ current 25 million tonne manufacturing capacity by more than 20 per cent. Nuvoco, with a net debt of Rs 4,501 crore and a loss of Rs 82 crore, aims to finance the purchase without a significant debt increase.
Nuvoco will also invest in Vadraj Cement over 15 months in a phased manner to refurbish its assets and bring in operational improvements. The company aims to commence production around the December quarter of 2026-27.
Vadraj Cement entered corporate insolvency via NCLT in February after being in liquidation under the Bombay High Court for over five years. While the Committee of Creditors has approved Nuvoco’s resolution plan, the deal will be subject to approval from the National Company Law Tribunal.
