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Time of India
23-06-2025
- Business
- Time of India
Nuvoco Vistas Acquisition: Nuvoco Vistas completes ₹1,800 crore payment for Vadraj Cement acquisition, ET Infra
PNB, Union Bank among key lenders Advt Capacity expansion By , ETInfra Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. Get updates on your preferred social platform Follow us for the latest news, insider access to events and more. 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 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 ₹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 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 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 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.
Time of India
23-06-2025
- Business
- Time of India
Nuvoco Vistas makes Rs 1,800 crore payment to complete Vadraj cement acquisition
Nirma Group's Nuvoco Vistas Corp has completed its acquisition of debt-ridden Vadraj Cement by making a payment of Rs 1800 crore to lenders, led by Punjab National Bank and Union Bank of India. This acquisition will boost Nuvoco Vistas' installed cement capacity by over 20%, reaching around 31 MTPA, marking its third acquisition after Lafarge Cement and Emami Cement. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Ind'l Goods/Svs 1. India Cements to sell its subsidiary Industrial Chemicals Nirma Group's Nuvoco Vistas Corp has made the Rs 1800 crore payment to lenders led by Punjab National Bank (PNB) and Union Bank of India completing its acquisition of the debt-ridden Vadraj Cement . The money was paid to lenders on Saturday, allowing them to write back their provisions this quarter, two people aware of the details 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," said one of the persons cited with 25% of the more than Rs 8000 crore debt stands to gain Rs 431 crore, while Union Bank will get Rs 345 crore, calculations by ET acquisition will help Nuvoco Vistas boost its installed cement capacity by over 20% reaching around 31 MTPA and is the company's third acquisition after Lafarge Cement and Emami Cement. A Mumbai bench of the NCLT had approved the acquisition in Vadraj Cement, formerly owned by ABG Shipyard, has a 6 million tonne grinding unit in Surat and will add to Nuvoco Vistas' existing production capacity of 25 million tonne by more than 20%.The acquisition was undertaken through Vanya Corp, a wholly-owned subsidiary of Nuvoco Vistas. Subsequently, Vanya will be merged with Vadraj Cement, according to the resolution plan. Vadraj Cement will ultimately become the wholly-owned subsidiary of the Rs 1,800 crore offer outbid Adani Group at an auction under the court-monitored corporate insolvency, ET had reported in January this year. Adani group-backed Ambuja Cement had partnered with Prudent ARC-backed RKG Fund to acquire the Gujarat-based cement the Rs 1,800 crore offered by Nuvoco Vistas, Rs 1,725 crore will be used for repaying financial creditors' dues, and the balance is set aside for operational credit, dues to employees, an insolvency resolution process costs.
Time of India
22-06-2025
- Business
- Time of India
Nuvoco Vistas completes Rs 1800 cr Vadraj cement acquistion
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Nirma Group's Nuvoco Vistas Corp has made the Rs 1800 crore payment to lenders led by Punjab National Bank (PNB) and Union Bank of India completing its acquisition of the debt-ridden Vadraj Cement . The money was paid to lenders on Saturday, allowing them to write back their provisions this quarter, two people aware of the details 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," said one of the persons cited with 25% of the more than Rs 8000 crore debt stands to gain Rs 431 crore, while Union Bank will get Rs 345 crore, calculations by ET acquisition will help Nuvoco Vistas boost its installed cement capacity by over 20% reaching around 31 MTPA and is the company's third acquisition after Lafarge Cement and Emami Cement. A Mumbai bench of the NCLT had approved the acquisition in Vadraj Cement, formerly owned by ABG Shipyard, has a 6 million tonne grinding unit in Surat and will add to Nuvoco Vistas' existing production capacity of 25 million tonne by more than 20%.The acquisition was undertaken through Vanya Corp , a wholly-owned subsidiary of Nuvoco Vistas. Subsequently, Vanya will be merged with Vadraj Cement, according to the resolution plan. Vadraj Cement will ultimately become the wholly-owned subsidiary of the Rs 1,800 crore offer outbid Adani Group at an auction under the court-monitored corporate insolvency, ET had reported in January this year. Adani group-backed Ambuja Cement had partnered with Prudent ARC-backed RKG Fund to acquire the Gujarat-based cement the Rs 1,800 crore offered by Nuvoco Vistas, Rs 1,725 crore will be used for repaying financial creditors' dues, and the balance is set aside for operational credit, dues to employees, an insolvency resolution process costs.
