NEW DELHI: The National Company Law Tribunal (NCLT), Mumbai bench, has approved the resolution plan submitted by Nuvoco Vistas Corp. for the acquisition of Vadraj Cement (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 crore. Nuvoco intends to fund the transaction without a significant rise in its consolidated debt levels.
The acquisition will be undertaken through Vanya Corporation (Vanya), a wholly-owned subsidiary of the company. Subsequently, Vanya will be merged with VCL. After the merger, VCL will become the wholly-owned…
