Suitors line up for Vadraj Cement

JSW Cement, the Adani Group, and the ArcelorMittal Group are among the entities expressing an interest in acquiring India’s Vadraj Cement, according to Construction World. Vadraj Cement, which is owned by the ABG Shipyard group, is being sold under the Insolvency and Bankruptcy Code (IBC) process.

After the cement company was sued by trade creditor Beumer Technology India in August 2018 to recover unpaid debts, the Bombay High Court ordered the company to be wound up. Following long delays trying to sell the assets, the court agreed to transfer the debt resolution process to the IBC in September this year. 

Vadraj Cement currently has a 10,000tpd clinker unit in Kutch and a 6Mta grinding plant in Gujarat. Following the sale of the captive power plants supplying the cement plants, both facilities are no longer in operation, reports LiveMint. Bids for the company are expected to range from INR20-25bn (US$240-300m).