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Business Standard
18-05-2025
- Business
- Business Standard
IBC requires urgent reforms to meet demands across various sectors
Court orders and reforms do not compensate for the legislative clarity needed in IBC for sector-specific insolvency processes Karishma Dodeja Deepali Verma Listen to This Article According to the newly amended extant regulations for the corporate insolvency resolution process, a committee of creditors (CoC) is entitled to invite a 'competent authority' under Section 2 of the Real Estate (Regulation and Development) Act, 2016 (RERA) to participate in CoC meetings. But the amendment only scratches the surface of a much larger structural issue within the insolvency regime. Resolution of stressed assets in real estate is complex due to its intricate regulatory landscape and the involvement of multiple stakeholders. By allowing RERA authorities to be present at CoC meetings, the amendment acknowledges the critical role they play in
Time of India
30-04-2025
- Business
- Time of India
Strategic buyers and investors scouting for insolvency-affected cement assets
MUMBAI : Several strategic buyers as well as investors are actively scouting for cement manufacturing companies which are currently undergoing the corporate insolvency resolution process under the Insolvency & Bankruptcy Code. One of the most sought-after assets in the sector is the cement business of debt-laden Jaiprakash Associates Ltd (JAL). The company has four plants in North and Central India and has a capacity of about 6 million tonnes per annum. Its plants are at Rewa in Madhya Pradesh and Chunar, Churk and Sadwa in Uttar Pradesh. The company's resolution professional, Bhuvan Madan, has received expressions of interest from companies including Adani Enterprises , Dalmia Cement (Bharat) Ltd, Vedanta Ltd and Rashmi Metaliks Ltd. Apart from cement, JAL also has assets in power, hospitality and real estate, and hence about two dozen bidders have shown interest in multiple assets. Investors and strategic buyers are also closely observing the ongoing insolvency cases against companies, including Jammu & Kashmir Cements, Kirtiman Cements & Packaging and Gujarat-based Dhara Cements (India). "The sector has been quite active and holds considerable potential for distressed M&A," said Karishma Dodeja, partner at the law firm Trilegal. "This is because of the wave of consolidation brought on by Ultratech and Adani Group, the strong infrastructure push by the government and the high debt burden of some of the smaller cement companies, making them attractive targets for acquisition," she said. Recently, the Mumbai bench of the National Company Law Tribunal (NCLT) approved Vadraj Cement's acquisition by Nirma group-owned cement maker Nuvoco Vistas Corp . Around the same time, Virgo Cements, a smaller operator with ₹74 crore in admitted claims, also secured a resolution after its lenders, including PNB and Indian Bank , voted unanimously in favour of PRAG India's bid. Legal experts are citing pricing, location and synergies as the three primary reasons for the surge in deals in the sector. Most cement companies are available at a discount. Also, medium and small players are located at less-penetrated and high-growth markets and for large players, addition of medium and smaller cement makers offers attractive cost optimisation opportunities. Nishith Dhruva, managing partner of law firm MDP Legal, said those cement plants, which are being operated as going concerns, are witnessing keen interest from the strategic players, especially those with approval for additional capacities.
Economic Times
29-04-2025
- Business
- Economic Times
Strategic buyers and investors scouting for insolvency-affected cement assets
Strategic buyers and investors are actively pursuing distressed cement companies undergoing insolvency, with Jaiprakash Associates Ltd's cement business being a prime target. Factors driving this interest include consolidation in the sector, government infrastructure initiatives, and the potential for cost optimization through acquisitions. Recent deals, like Nuvoco Vistas Corp's acquisition of Vadraj Cement, highlight this trend. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: Several strategic buyers as well as investors are actively scouting for cement manufacturing companies which are currently undergoing the corporate insolvency resolution process under the Insolvency & Bankruptcy of the most sought-after assets in the sector is the cement business of debt-laden Jaiprakash Associates Ltd (JAL). The company has four plants in North and Central India and has a capacity of about 6 million tonnes per annum. Its plants are at Rewa in Madhya Pradesh and Chunar, Churk and Sadwa in Uttar company's resolution professional, Bhuvan Madan, has received expressions of interest from companies including Adani Enterprises , Dalmia Cement (Bharat) Ltd, Vedanta Ltd and Rashmi Metaliks Ltd. Apart from cement, JAL also has assets in power, hospitality and real estate, and hence about two dozen bidders have shown interest in multiple and strategic buyers are also closely observing the ongoing insolvency cases against companies, including Jammu & Kashmir Cements, Kirtiman Cements & Packaging and Gujarat-based Dhara Cements (India)."The sector has been quite active and holds considerable potential for distressed M&A," said Karishma Dodeja, partner at the law firm Trilegal. "This is because of the wave of consolidation brought on by Ultratech and Adani Group, the strong infrastructure push by the government and the high debt burden of some of the smaller cement companies, making them attractive targets for acquisition ," she the Mumbai bench of the National Company Law Tribunal (NCLT) approved Vadraj Cement's acquisition by Nirma group-owned cement maker Nuvoco Vistas Corp Around the same time, Virgo Cements, a smaller operator with ₹74 crore in admitted claims, also secured a resolution after its lenders, including PNB and Indian Bank , voted unanimously in favour of PRAG India's experts are citing pricing, location and synergies as the three primary reasons for the surge in deals in the sector. Most cement companies are available at a discount. Also, medium and small players are located at less-penetrated and high-growth markets and for large players, addition of medium and smaller cement makers offers attractive cost optimisation Dhruva, managing partner of law firm MDP Legal, said those cement plants, which are being operated as going concerns, are witnessing keen interest from the strategic players, especially those with approval for additional capacities.
Time of India
29-04-2025
- Business
- Time of India
Strategic buyers and investors scouting for insolvency-affected cement assets
Strategic buyers and investors are actively pursuing distressed cement companies undergoing insolvency, with Jaiprakash Associates Ltd's cement business being a prime target. Factors driving this interest include consolidation in the sector, government infrastructure initiatives, and the potential for cost optimization through acquisitions. Recent deals, like Nuvoco Vistas Corp's acquisition of Vadraj Cement, highlight this trend. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Mumbai: Several strategic buyers as well as investors are actively scouting for cement manufacturing companies which are currently undergoing the corporate insolvency resolution process under the Insolvency & Bankruptcy of the most sought-after assets in the sector is the cement business of debt-laden Jaiprakash Associates Ltd (JAL). The company has four plants in North and Central India and has a capacity of about 6 million tonnes per annum. Its plants are at Rewa in Madhya Pradesh and Chunar, Churk and Sadwa in Uttar company's resolution professional, Bhuvan Madan, has received expressions of interest from companies including Adani Enterprises , Dalmia Cement (Bharat) Ltd, Vedanta Ltd and Rashmi Metaliks Ltd. Apart from cement, JAL also has assets in power, hospitality and real estate, and hence about two dozen bidders have shown interest in multiple and strategic buyers are also closely observing the ongoing insolvency cases against companies, including Jammu & Kashmir Cements, Kirtiman Cements & Packaging and Gujarat-based Dhara Cements (India)."The sector has been quite active and holds considerable potential for distressed M&A," said Karishma Dodeja, partner at the law firm Trilegal. "This is because of the wave of consolidation brought on by Ultratech and Adani Group, the strong infrastructure push by the government and the high debt burden of some of the smaller cement companies, making them attractive targets for acquisition ," she the Mumbai bench of the National Company Law Tribunal (NCLT) approved Vadraj Cement's acquisition by Nirma group-owned cement maker Nuvoco Vistas Corp Around the same time, Virgo Cements, a smaller operator with ₹74 crore in admitted claims, also secured a resolution after its lenders, including PNB and Indian Bank , voted unanimously in favour of PRAG India's experts are citing pricing, location and synergies as the three primary reasons for the surge in deals in the sector. Most cement companies are available at a discount. Also, medium and small players are located at less-penetrated and high-growth markets and for large players, addition of medium and smaller cement makers offers attractive cost optimisation Dhruva, managing partner of law firm MDP Legal, said those cement plants, which are being operated as going concerns, are witnessing keen interest from the strategic players, especially those with approval for additional capacities.
