M&A

M&A

Nuvoco Vistas acquires Vadraj Energy for Rs.200-Cr

Business Line  

Mumbai-based building materials company Nuvoco Vistas Corporation , the cement business of Nirma Group, has acquired Gujarat-based Vadraj Energy (Gujarat) in a transaction valued at INR 200 crore. The acquisition involved purchasing 100% of the securities of Algebra Endeavour Private Ltd, which is the holding company of Vadraj Energy (Gujarat), from JSW Cement Ltd and Alpha Alternatives Holdings.Vadraj Energy (Gujarat) operates power plants located in Kutch and Surat. These facilities are intended to be used by Nuvoco Vistas for its captive power consumption. Algebra Endeavour is engaged in advisory services and investment activities. The deal is structured with a full cash consideration and is expected to close within ten days of fulfilling all conditions precedent.