Nuvoco Vistas Corp Ltd announced on Monday that it has successfully secured Vadraj Cement Ltd. (VCL), which is currently undergoing the corporate insolvency resolution process. The company’s resolution plan was approved by the Committee of Creditors (CoC), and a Letter of Intent (LOI) has been issued. Nuvoco has decided to fund the acquisition through its wholly-owned subsidiary, Vanya Corporation Pvt Ltd., with no major increase in its consolidated debt.
Nuvoco plans to invest in phases over the next 15 months, focusing on upgrading assets and improving operations at VCL’s plants. The target to start production is set for Q3 FY27, pending approval from the National Company Law Tribunal (NCLT).
VCL’s facilities include a 3.5 million metric tons per annum (MMTPA) clinker unit in Kutch and a 6 MMTPA grinding unit in Surat, both located in Gujarat. The company also has substantial limestone reserves and a captive jetty, which will contribute to efficient logistics and supply chains.
With this acquisition, Nuvoco’s total cement production capacity will rise to approximately 31 MMTPA, positioning the company as the fifth-largest cement producer in India. Nuvoco aims to increase its reach across key regions and improve its operational efficiency.
Nuvoco Vistas Corp’s Managing Director, Jayakumar Krishnaswamy, highlighted that this strategic acquisition strengthens the company’s market presence and complements its existing operations, particularly in Rajasthan. This move is expected to enhance Nuvoco’s competitiveness and market access.
The insolvency proceedings for VCL began in February of last year after Punjab National Bank filed a petition over a default exceeding Rs 87.45 crore. The company had accumulated a total debt of Rs 7,000 crore owed to multiple lenders. Adani Group, JSW Cement, and ArcelorMittal were also considered bidders for the company, which was once set for liquidation following a ruling by the Bombay High Court in August 2018. The court later recalled the order, transferring the case to the NCLT.
Nuvoco Vistas Corporation Limited (“Nuvoco”) is a prominent cement manufacturing company dedicated to building a safer, smarter, and sustainable future. Established in 2014 with a greenfield cement plant in Nimbol, Rajasthan, Nuvoco expanded its footprint by acquiring Lafarge India Limited in 2016 and Emami Cement Ltd. in 2020. Today, Nuvoco ranks as India’s 5th largest cement group with a capacity of 23.8 MMTPA and recorded total revenue of INR 10,586 crore in FY23. The company is a key player in East India, offering a comprehensive portfolio under three business segments: Cement, Ready-Mix Concrete (RMX), and Modern Building Materials (MBM).
Nuvoco’s cement portfolio features popular brands like Concreto, Duraguard, Double Bull, Nirmax, PSC, and Infracem, covering a wide range of products including Ordinary Portland Cement (OPC), Portland Slag Cement (PSC), Portland Pozzolana Cement (PPC), and Portland Composite Cement (PCC). Its RMX segment boasts a PAN-India presence, delivering innovative solutions through brands like Concreto (performance concrete), Artiste (decorative concrete), InstaMix (ready-to-use bagged concrete), X-Con (grades M20 to M60), and Ecodure (special green concrete). Nuvoco has significantly contributed to iconic infrastructure projects, such as the Mumbai-Ahmedabad Bullet Train, Birsa Munda Hockey Stadium in Rourkela, Aquatic Gallery in Ahmedabad, and Metro Railways across Delhi, Jaipur, Noida, and Mumbai.
In the MBM segment, Nuvoco offers cutting-edge products under the ‘Zero M’ and ‘InstaMix’ brands, including construction chemicals, wall putty, and cover blocks. The company’s NABL-accredited Construction Development and Innovation Centre (CDIC) in Mumbai drives innovation by addressing market gaps and creating solutions tailored to customer needs. Through its diversified offerings and customer-focused approach, Nuvoco continues to play a pivotal role in India’s construction and infrastructure landscape.
