Nuvoco Vistas Corp. Ltd., India’s fifth-largest cement group and a leading player in East India, has emerged as the SRA of Vadraj Cement Limited (VCL), currently undergoing 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 transaction will be implemented by Vanya Corporation Private Limited, a wholly owned
subsidiary of Nuvoco Vistas Corp. Ltd. Nuvoco intends to fund the transaction without a significant rise in its consolidated debt levels. A phased investment will be spread over 15
months towards the refurbishment of assets and to drive operational improvements across
the VCL plants. The estimated target date to commence production is around Q3 FY27, subject to the Hon’ble National Company Law Tribunal (NCLT) approvals for the Resolution
Plan.
The Company anticipates significant benefits from this deal. The existing facilities include a
3.5 MMTPA (~10,000 TPD) clinker unit in Kutch, Gujarat, and a 6 MMTPA grinding unit in
Surat, Gujarat.
On this momentous occasion, Mr. Jayakumar Krishnaswamy, Managing Director, Nuvoco Vistas Corp. Ltd., commented, “This deal is a pivotal moment in Nuvoco’s journey, consolidating our position as the fifth-largest player in the Indian Cement Industry and further strengthening our market dominance. It complements our existing operations perfectly, expanding our geographic reach and operational capabilities. This strategic investment will enhance our portfolio, diversify our offerings and enable us to deliver greater value and superior service to our customers in a competitive and dynamic business landscape.”