Various Cement Majors Vying To Acquire Vadraj Cement
A joint venture between ArcelorMittal and Nippon Steel, Oaktree Capital backed India Opportunities XII Investments, and Nirma group-backed Nuvoco Vistas Corporation submitted expressions of interest (EoIs). Nirma Group, JK Cement, Naveen Jindal group entity, and Oaktree Capital are also among the potential buyers. AM Mining India, a joint venture between ArcelorMittal and Nippon Steel, Oaktree Capital-backed India Opportunities XII Investments, and Nirma group-backed Nuvoco Vistas Corporation submitted expressions of interest (EoIs). Naveen Jindal group company called Jindal Panther Cement, and PN Group-promoted CN Infrabuild also gave separate EoIs. Rashmi Group-promoted Orissa Metaliks, Khandwala Group-promoted KIFS Finstock, and Friends Group-promoted Kutch Salt and Allied Industries. Prudent Asset Reconstruction Company (ARC)-promoted RKG Fund II also submitted an EoI. Vadraj Cement was admitted for corporate insolvency by the National Company Law Tribunal (NCLT) in the first week of February. This followed the company being in liquidation for more than five years under the supervision of the Bombay High Court. The case was subsequently shifted to NCLT, offering lenders a glimmer of hope for recovery The company has an integrated cement manufacturing facility comprising a 10,000 TPD (tonnes per day) clinker unit at Kutch and a 6 million tonnes (mt) cement grinding unit at Surat - both located in Gujarat. It also has limestone mining rights and a captive jetty in Kutch.
Tags : Vadraj Cement NCLT investments AM Mining India Nuvoco Vistas JK Cement expressions of interest (EoIs) Jindal Panther Cement CN Infrabuild fund liquidation