New Delhi: Nuvoco Vistas Corporation, the cement business of Nirma Group, on Tuesday announced the acquisition of Gujarat-based Vadraj Energy in a Rs 200-crore deal from JSW Cement Ltd and Alpha Alternatives Holdings.It has "executed Securities Purchase Agreement for acquisition of 100 per cent of securities of Algebra Endeavour Private Ltd (the holding company of Vadraj Energy (Gujarat)," said Nuvoco Vistas, the country's fifth largest cement market in a regulatory update.
Vadraj Energy (Gujarat), a wholly owned subsidiary of Algebra, has power plants at Kutch and Surat, and the said facilities will be utilised by the company for Nuvoco Vistas' captive power consumption, it said.The deal with full "cash consideration" is expected to be "closed within 10 days from the date of completion of all the condition precedents entailed in the SPA," it said.
Algebra Endeavour is engaged in the business of providing advisory services and investment activities.Confirming the development, JSW Cement also said it has "a Securities Purchase Agreement amongst Nuvoco Vistas Corporation (Purchaser), JSW Cement Limited (the Company - Seller 1 therein) and Alpha Alternatives Holdings (Seller 2) for the transfer of 100 per cent of the securities of Algebra respectively held by the sellers to the Purchaser." Nuvoco is India's fifth-largest cement group by capacity, reaching 35 MTPA (million tonnes per annum) and is the leading player in East India.
Earlier this year, the Mumbai bench of the National Company Law Tribunal (NCLT) had approved Nuvoco Vistas's bid for Vadraj Cement, which includes an upfront payment of Rs 1,800 crore.Shares of Nuvoco Vistas Corporation were at Rs 364.15 in the morning trade, down 0.86 per cent from the previous close.
Disclaimer: This story is from the syndicated feed. Nothing has changed except the headline.
