Nirma Group's cement arm Nuvoco Vistas Corporation announced on Tuesday that it has acquired Gujarat-based Vadraj Energy from JSW Cement and Alpha Alternatives Holdings in deal inked at Rs 200-crore.
The company further said the all-cash deal is expected to be concluded within 10 days after all conditions in the agreement are met.
In a regulatory filing, Nuvoco said it has signed a Securities Purchase Agreement to take over Algebra Endeavour that would allow it control of the energy company that runs power plants in Kutch and Surat. Nuvoco plans to integrate these installations into its own power network to support captive consumption at its cement facilities.
The country's fifth largest cement maker informed in the exchange filing that it has "executed Securities Purchase Agreement for acquisition of 100 per cent of securities of Algebra Endeavour Private Ltd (the holding company of Vadraj Energy (Gujarat)."
Nuvoco Vistas Corporation stocks were trading at Rs 362.00, down Rs 5.30 or 1.44% at 12.52pm on Tuesday.
The company further said the all-cash deal is expected to be concluded within 10 days after all conditions in the agreement are met.
In a regulatory filing, Nuvoco said it has signed a Securities Purchase Agreement to take over Algebra Endeavour that would allow it control of the energy company that runs power plants in Kutch and Surat. Nuvoco plans to integrate these installations into its own power network to support captive consumption at its cement facilities.
The country's fifth largest cement maker informed in the exchange filing that it has "executed Securities Purchase Agreement for acquisition of 100 per cent of securities of Algebra Endeavour Private Ltd (the holding company of Vadraj Energy (Gujarat)."
Nuvoco Vistas Corporation stocks were trading at Rs 362.00, down Rs 5.30 or 1.44% at 12.52pm on Tuesday.
