Nuvoco Vistas Corporation has become the 5th largest cement company in India after acquiring Vadraj Cement. The National Company Law Tribunal (NCLT) in Mumbai has approved the deal for Rs 18 billion. Nuvoco will buy Vadraj Cement through its subsidiary Vanya Corporation which will later merge with Vadraj. Vadraj Cement based in Gujarat was bought under the insolvency process for companies facing financial stress. Nuvoco had expressed interest in buying Vadraj earlier saying it was a good deal as the cost was around $60 per tonne.

After this deal Nuvoco’s total cement capacity will be 31 million tonnes and clinker capacity will be 17 million tonnes by 2027. Nuvoco will be the 3rd largest cement company in Gujarat and Maharashtra. Nuvoco part of Nirma Group plans to invest Rs 9-12 billion in Vadraj over the next 1.5-2 years to ramp up operations. Nuvoco was earlier known as Lafarge India and was renamed after Nirma Group acquired it in 2016.