Nuvoco Vistas Acquisition: Nuvoco Vistas completes ₹1,800 crore payment for Vadraj Cement acquisition, ET Infra
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Nuvoco Vistas Corp, part of the Nirma Group, has completed the ₹1,800 crore payment to lenders for the acquisition of Vadraj Cement . As per The Economic Times, the payment, made on Saturday, clears dues owed to financial creditors led by Punjab National Bank (PNB) and Union Bank of India , two people familiar with the matter said."The money came to lenders on Saturday and has been distributed. There were some delays due to some litigation but now that everything is settled, the company transferred the money well ahead of the June 24 deadline," one of the persons cited said.PNB, which holds about 25 per cent of the over ₹8,000 crore debt, will receive ₹431 crore. Union Bank is expected to get ₹345 crore, according to ET's calculations. The payment allows banks to write back their provisions in the current quarter.Nuvoco's ₹1,800 crore bid, made through its subsidiary Vanya Corp, had outbid the Adani Group in the auction conducted under court-monitored corporate insolvency . Adani Group-backed Ambuja Cement had partnered with Prudent ARC-backed RKG Fund in its bid for the Gujarat-based cement company.Vadraj Cement, earlier owned by ABG Shipyard, operates a 6 million tonne per annum grinding unit in Surat. The asset will be added to Nuvoco Vistas' existing 25 MTPA capacity, taking the total to around 31 MTPA. This is Nuvoco's third acquisition after Lafarge Cement and Emami Cement.The acquisition was approved by the National Company Law Tribunal's Mumbai bench in April. According to the resolution plan, Vanya Corp will be merged with Vadraj Cement, which will become a wholly-owned subsidiary of Nuvoco Vistas.Of the ₹1,800 crore offered, ₹1,725 crore will go towards financial creditors, while the remainder will cover operational creditors, employee dues, and insolvency resolution process costs.
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