Nuvoco Vistas Completes Rs. 1,800 Cr. Acquisition of Vadraj Cement
Nuvoco Vistas Corporation Limited’s wholly-owned subsidiary, Vanya Corporation Private Limited, has acquired Vadraj Cement at an enterprise value of Rs. 1,800 crore. As per Nuvoco Vistas Corp.’s stock filing dated 21st June 2025, Vanya Corporation will be merged with Vadraj Cement.
Nuvoco Vistas’ Cement Production 31 MMTPA Post Acquisition
Acquisition of Vadraj Cement takes Nuvoco Vistas’ cement production capacity to 31 Million Metric Tonne Per Annum (MMTPA) from 25 MMTPA. Vadraj Cement, headquarted in Mumbai, Maharashtra, was previously owned by ABG Shipyard. The company has a clinker unit in Kutch with a capacity of 3.5 Million Metric Tonnes Per Annum (MMTPA) and a 6 MMTPA grinding unit in Surat, Gujarat. Vadraj Cement’s acquisition makes Nuvoco Vistas Corp. the fifth-largest cement manufacturer in India.
Commenting on this development, Mr. Jayakumar Krishnaswamy, Managing Director of Nuvoco Vistas, said that the acquisition will “…drive logistics optimization, streamline operations, and improve competitiveness”. He added that this acquisition will provide better market access and strengthen the company’s supply chain across key regions.
Nuvoco Vistas Expands Presence to Western India with Vadraj Acquisition
Vadraj Cement’s acquisition provides Nuvoco Vistas Corp. with production facilities in Western India. Nuvoco Vistas has 19 MMTPA cement production capacity in Eastern India, 6 MMTPA production capacity in Northern India, and now with Vadraj Cement’s acquisition, another 6 MMTPA in Western India. Earlier in January 2025, Nuvoco Vistas’ stock filing stated that acquiring Vadraj Cement would “…foster substantial synergies with Nuvoco’s existing manufacturing facilities in Nimbol and Chittorgarh, Rajasthan, enabling enhanced operational efficiency”.
Vadraj Cement’s acquisition also provides Nuvoco Vistas with the former’s limestone reserves, ensuring raw material supply. Additionally, Vadraj Cement’s captive jetty in Kutch will also benefit Nuvoco Vistas in terms of logistical efficiency.
According to an April article by The Hindu BusinessLine, Nuvoco Vistas will additionaly invest Rs. 1,000-1,200 crore over the next 15-18 months to restart VCL’s operations, which have been suspended for nearly seven years. The company expects to commence production at the acquired plant by Q3 of FY27.
Brief Background of Vadraj Cement Acquisition
Sale of Vadraj Cement’s assets was ordered by the Bombay High Court in 2018 in order to pay off dues, however, because of delay in this process, the High Court transferred the debt resolution process to the National Company Law Tribunal (NCLT) in 2023. Thereafter in February 2024, Vadraj Cement was admitted into the NCLT.
In January 2025, Nuvoco Vistas’ resolution plan for Vadraj Cement received approval from the Committee of Creditors (CoC). Subsequently, vide an order dated 1st April 2025, the National Company Law Tribunal (NCLT) accorded its approval to Nuvoco Vistas’ resolution plan.
Nuvoco Vistas’ Expansion Journey
Nuvoco Vistas entered the cement business in 2014 through a 2.3 MMTPA greenfield cement plant in Nimbol, Rajasthan. Nuvoco Vistas had acquired Lafarge India in 2016 for USD 1.4 billion (equivalent to about Rs. 9,400 crore then), and then taken over Emami Cement Limited in 2020 for Rs. 5,500 crore. While Lafarge India’s acquisition provided Nuvoco Vistas with 11 MMTPA of cement manufacturing capacity, the company gained 8.3 MMTPA of production capacity through Emami Cement’s takeover.
Besides Vadraj Cement’s recently acquired assets, Nuvoco Vistas has total 11 cement plants across in India. The company has 5 integrated cement plants and six cement grinding units in the country. The company has cement plants across various facilities in India, including in Chhattisgarh, Jharkhand, West Bengal, Rajasthan and Haryana.