Nuvoco Vistas acquires Vadraj Energy in Rs 2 billion deal from JSW Cement and Alpha Alternatives

Nuvoco Vistas Corporation, the cement business of the Nirma Group has acquired 100 per cent equity in Algebra Endeavour Private Limited, the holding company of Vadraj Energy (Gujarat), from JSW Cement Limited and Alpha Alternatives Holdings. The all-cash deal is valued at Rs 2 billion and is expected to close within ten days of meeting all precedent conditions under the agreement. Vadraj Energy operates captive power plants at Kutch and Surat, which will now serve Nuvoco’s cement operations.