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Nuvoco Vistas Corporation, the cement arm of the Nirma Group, has agreed to acquire Gujarat-based Vadraj Energy in an INR 200-crore deal involving JSW Cement and Alpha Alternatives. The purchase is being made through Algebra Endeavour, Vadraj Energy's holding company, and will give Nuvoco access to power plants in Kutch and Surat to support its captive energy needs. The all-cash transaction is expected to close within about ten days, subject to conditions. Earlier this year, Nuvoco also secured NCLT approval to acquire Vadraj Cement for INR 1,800 crore. Nuvoco, India's fifth-largest cement maker, saw its shares trade slightly lower at INR 364.15.
Nuvoco Vistas Corporation, the cement business of the Nirma Group, announced the acquisition of Gujarat-based Vadraj Energy in a INR 200-crore transaction involving JSW Cement Ltd and Alpha Alternatives Holdings. The company stated in its regulatory filing that it had executed a Securities Purchase Agreement to acquire the entire shareholding of Algebra Endeavour Private Limited, the holding company of Vadraj Energy (Gujarat). Advertisement
Algebra Endeavour functions as an advisory and investment services firm and fully owns Vadraj Energy. Vadraj Energy operates power plants located in Kutch and Surat, and these facilities will be used to support Nuvoco Vistas' captive power needs. The company noted that the deal, which involves full cash consideration, is expected to be completed within about ten days following the fulfilment of all necessary conditions under the agreement.
JSW Cement confirmed the arrangement and said it had signed the agreement with Nuvoco Vistas and Alpha Alternatives for the transfer of their entire stake in Algebra to Nuvoco. Nuvoco is currently India's fifth-largest cement manufacturer with a total capacity of 35 MTPA and holds a strong presence across East India.
In a separate development earlier this year, the Mumbai bench of the National Company Law Tribunal approved Nuvoco Vistas' bid for Vadraj Cement, which involved an upfront payment of INR 1,800 crore. This approval marked one of the larger resolution outcomes in the sector in recent months.
In market movement, shares of Nuvoco Vistas Corporation were trading at INR 364.15 during morning hours, showing a slight decline of 0.86% compared to the previous close.
Source PTI
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