Nuvoco Vistas Corp. Ltd., India’s fifth-largest cement group and a leading player in East India, has emerged as the SRA of Vadraj Cement Limited (VCL), currently undergoing Corporate Insolvency Resolution Process. The Resolution Plan submitted by Nuvoco has been approved by the Committee of Creditors (‘CoC’), and a Letter of Intent (LOI) has been issued.
The transaction will be implemented by Vanya Corporation Private Limited, a wholly owned subsidiary of Nuvoco Vistas Corp. Ltd. Nuvoco intends to fund the transaction without a significant rise in its consolidated debt levels. A phased investment will be spread over 15 months towards the refurbishment of assets and to drive…
