Nuvoco Vistas Corporation Ltd, the building materials division of the Nirma Group, on Monday (January 6) said it has emerged as the successful resolution applicant (SRA) in the corporate insolvency resolution process (CIRP) of Vadraj Cement Ltd (VCL).
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The Committee of Creditors (CoC) has approved the resolution plan submitted by Nuvoco Vistas and a letter of intent (LOI) has been issued, confirming Nuvoco Vistas as the selected bidder for Vadraj Cement’s assets.
The transaction will be implemented by Vanya Corporation Private Ltd, a wholly-owned subsidiary of Nuvoco Vistas Corporation. Nuvoco intends to fund the transaction without a significant rise in its consolidated debt levels.
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