Mumbai: Nuvoco Vistas Corporation Limited, a leading cement manufacturer, has agreed to acquire Algebra Endeavour Private Limited, the holding company of Vadraj Energy (Gujarat) Limited for ₹200 crore. The company has signed a purchase agreement with JSW Cement and Alpha Alternatives Holdings Private Limited to acquire the company, which will help it gain access to two power plants in Kutch and Surat.
For Nuvoco, this development helps it gain access to a captive power plant for its recently acquired cement plants in Surat and Kutch. These plants are currently undergoing refurbishment, with operations expected to commence in Q3 FY27. With this acquisition, Nuvoco can ensure in-house supply of electricity for its cement plants, helping it cut costs and boost operational and cost efficiencies.
According to the company’s disclosure to the bourses, the transaction is expected to be completed within 10 days, provided all the conditions in the Securities Purchase Agreement are met.
Established by the Nirma Group in 2014, Nuvoco has grown through acquisitions since then, primarily through its acquisition of Lafarge India in 2016. The Mumbai-based company has achieved an all-time high EBITDA of ₹ 371 crore in Q2 FY25. Following its acquisitions, the company is all set to reach a cement production capacity of 31 MMTPA by FY27, though its debt of ₹3,823 cr remains a concern.
