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Business Standard
a day ago
- Business
- Business Standard
NU Vista moves court against West Bengal's incentive scheme rollback
NU Vista, a wholly owned subsidiary of Nuvoco Vistas Corporation, has filed a writ petition before the Calcutta High Court, challenging the constitutional validity of the Revocation of West Bengal Incentive Schemes and Obligations in the Nature of Grants and Incentives Act, 2025 (the Revocation Act). In a stock exchange filing, Nuvoco mentioned that the Revocation Act rescinds, revokes and discontinues the incentive schemes enlisted in the Schedule (including the West Bengal Incentive Scheme, 2004 and the West Bengal State Support for Industries Scheme, 2013). Under the schemes, Nuvoco and NU Vista Limited were entitled to incentives, retrospectively from the date of implementation of the respective incentive schemes, overriding any judgment, order, decree of any court, direction of any authority, or any other law to the contrary. On account of the Revocation Act, the incentives of ₹427.14 crore and ₹300.44 crore to be received by the company and NU Vista Limited, respectively, are likely to be impacted, Nuvoco mentioned. However, the company and NU Vista Limited carry provisions for expected credit loss of ₹238.22 crore and ₹167.58 crore, respectively, it further added. Based on legal opinion, Nuvoco believes that there are sufficient legal grounds to challenge the Revocation Act by way of a writ petition under Article 226 of the Constitution of India 'on the grounds including unconstitutionality, arbitrariness and unreasonableness'. While Nuvoco is in the process of filing a writ petition, NU Vista has already filed one before the Calcutta High Court. On April 2, 2025, the West Bengal government had notified the Revocation of the West Bengal Incentive Schemes and Obligations in the Nature of Grants and Incentives Act, 2025, with the aim of 'subserving larger public interest.' The notification also mentioned that the object of the Act was to make state finances available for various social welfare schemes formulated and under operation in the state of West Bengal, intended for utilisation by the socio-economically disadvantaged and marginalised sections, and not to expend such finances to provide special assistance, financial incentives, state support, benefits, concessions or special privileges at the cost of the marginalised. It is widely expected that the Act may be challenged by other companies. In an exchange filing on June 6, Dalmia Bharat said that it came to know about the notification of the Revocation Act on June 5, 2025, through its lawyers representing the company. The company said that the order of the Calcutta High Court directing release of incentives amounting to ₹236.32 crore along with interest to Dalmia Cement (Bharat) Limited, a wholly owned subsidiary of the company, was likely to be adversely affected. It was examining the Revocation Act and considering all legal options, including challenging its legal validity and retrospective applicability. MP Birla group flagship Birla Corporation also said on June 7 in an exchange filing that it was examining the Revocation Act and considering all legal options, including challenging the legal validity and retrospective applicability of the Revocation Act. The company was entitled to receive incentives of ₹55.66 crore in the form of Industrial Promotion Assistance, according to an order of the Calcutta High Court. This release, along with the receipt of the remaining balance of the company's outstanding claim of ₹138.58 crore, may be adversely affected by the implementation of the Revocation Act, Birla Corporation had mentioned in the filing.
Business Standard
07-05-2025
- Business
- Business Standard
Nuvoco Duraguard Cement's 'Sabse Khaas Pehelwaan' Concludes with a Power-Packed Grand Finale in New Delhi
VMPL New Delhi [India], May 7: Nuvoco Vistas Corp Ltd., India's fifth-largest cement group by capacity, concluded the grand finale of Nuvoco Duraguard Cement presents 'Sabse Khaas Pehelwaan' on May 2, 2025, at the Talkatora Indoor Stadium, New Delhi. This prestigious wrestling championship was designed to discover and celebrate emerging talent across Haryana. It reflects Nuvoco Duraguard Cement's unwavering commitment to strength, resilience, and excellence--values that align seamlessly with both Nuvoco's premium products and the timeless sport of wrestling, an integral part of Haryana's cultural identity. The campaign witnessed participation from over 1500+ aspiring wrestlers across all 22 districts of Haryana. From the local akhadas to the grand mat of the finale, the journey saw intense district-level qualifiers, with top contenders advancing to the final rounds held in New Delhi. The championship featured freestyle wrestling across various weight categories for both men and women, offering a professional platform to showcase talent and determination. The event crowned Aakash Kumar from Jhajjar as the Sabse Khaas Pehelwaan in the 61 kg men's weight category, along with winners in other categories -- Jaideep from Sonipat (74 kg, men) and Anirudh from Sonipat (125 kg, men). Among the women, winners included Parveen from Hisar (53 kg), Neha from Charkhi Dadri (62 kg), and Priya from Jind (76 kg). The first prize carried Rs1,00,000, followed by Rs50,000 for the second place and Rs25,000 each for joint third-place winners. The champions will also have the opportunity to feature as brand ambassadors in micro-markets, further reinforcing the local connect. Chirag Shah, Head of Marketing, Innovation and Sales Excellence at Nuvoco Vistas Corp. Ltd. stated, " The grand finale of 'Sabse Khaas Pehelwaan' marked the culmination of a campaign that beautifully brought together culture, community, and brand purpose. Over the past 45 days, we've witnessed incredible talent, unwavering passion, and overwhelming enthusiasm from both participants and spectators. Just as these athletes represent the best of Haryana, Nuvoco Duraguard represents the best in construction performance. This campaign has helped us deepen brand affinity across one of our most strategic markets and strengthened our position as a trusted company that stands by local pride, culture, and progress." Manish Kumar, Head of North Sales at Nuvoco Vistas Corp. Ltd., stated, "Haryana is a key growth market for Nuvoco, and 'Sabse Khaas Pehelwaan' has been a highly engaging and strategic campaign that has enabled us to build more authentic connections with communities on the ground. By showcasing local talent and cultural pride, we've not only strengthened brand visibility but also earned trust. This initiative has unlocked new avenues for customer engagement, paving the way for stronger relationships and long-term business growth in the region." The 45-day campaign spanned the entire state, generating enthusiasm through local events, community participation, and digital outreach. Finalists selected from district-level competitions competed in an exciting grand finale, which was also streamed online. To watch the streamed match, visit the YouTube link: Sabse Khaas Pehelwan - YouTube About Nuvoco Vistas Nuvoco Vistas Corporation Limited ("Nuvoco") is a building materials company with a vision to build a safer, smarter, and sustainable world and among the leading players in East India with strong presence in North and West India. Nuvoco started its operations in 2014 through a greenfield cement plant in Nimbol, Rajasthan, and further acquired Lafarge India Limited, which entered India in 1999 and Emami Cement Ltd. in 2020. In April 2025, The Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, has issued an order approving the Resolution Plan submitted by Nuvoco Vistas Corp. Limited (current cement capacity at 25 MMTPA) for the acquisition of Vadraj Cement Limited (VCL) in the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC). With this, the Company is on track to achieve 31 MMTPA cement capacity by Q3 FY27 consolidating its position as India's 5th largest cement group in terms of capacity for long term, with INR 10,357 Cr in total revenue from operations in FY25. Nuvoco offers a diversified business portfolio in three business segments: Cement, Ready-Mix Concrete (RMX), and Modern Building Materials (MBM). Nuvoco's Cement product portfolio includes - Concreto, Duraguard, Double Bull, PSC, Nirmax and Infracem brands that offer a complete spectrum of Ordinary Portland Cement (OPC), Portland Slag Cement (PSC), Portland Pozzolana Cement (PPC) and Portland Composite Cement (PCC). Nuvoco's RMX business possesses a pan-India presence and offers value-added products under Concreto (Performance concrete), Artiste (Decorative concrete), InstaMix (ready-to-use bagged concrete - the first-of-its-kind in the industry), X-Con (M20 to M60) and Ecodure (Special green concrete) brands. It is also a proud contributor to landmark projects like the Mumbai-Ahmedabad Bullet Train; Birsa Munda Hockey Stadium (Rourkela), Aquatic Gallery Science City (Ahmedabad), Metro Railway (Delhi, Jaipur, Noida and Mumbai), and among many others. Nuvoco's MBM product portfolio, under the 'Zero M' brands, comprises construction chemicals, tile adhesives, wall putty and cover blocks. Through the NABL-accredited Construction Development and Innovation Centre (CDIC) based in Mumbai, Nuvoco identifies gaps in the marketplace and offers innovative products to meet customer requirements. Know more about the Company on to
