Nuvoco Vistas Corp Ltd has received approval from the National Company Law Tribunal for its resolution plan to acquire Vadraj Cement Ltd. This acquisition, facilitated through its subsidiary Vanya Corp Pvt Ltd, will enhance Nuvoco’s market position as the fifth largest cement group in India, with a combined capacity of approximately 31Mta.
The acquisition is set to be completed within 45 days, with a cash consideration of INR18,000m (US$211.2m), and will result in Vadraj Cement becoming a wholly owned subsidiary of Nuvoco.
