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Nuvoco Vistas gets NCLT’s nod to acquire Vadraj Cement for Rs 1,800 crores

Summary by Avenue Mail

Mumbai/Jamshedpur, April 4: The National Company Law Tribunal (NCLT), Mumbai Bench, has issued an order approving the Resolution Plan submitted by Nuvoco Vistas Corp. Limited for the acquisition of Vadraj Cement Limited (VCL)in the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC). The Resolution Plan includes an upfront payment of ₹1,800 crores. Nuvoco intends to fund the transaction without a signific…

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Nuvoco Vistas Gets NCLT Nod for Vadraj Cement Acquisition

Nirmal Group's Nuvoco Vistas Corporation has got NCLT's approval to buy Vadraj Cement. The acquisition is approximated at over INR 1800 crores. It was approved by the Mumbai bench of the NCLT.Nuvoco will execute the deal through Vanya Corporation, a fully owned subsidiary of Nuvoco. After the transaction, Vanya will merge with Vadraj Cement, making Vadraj Cement a direct subsidiary of Nuvoco. Nuvoco has said it will fund the acquisition without …

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