Shardul Amarchand Mangaldas & Co (SAM), AZB & Partners and Khaitan & Co have worked on various aspects of the insolvency proceedings for Vadraj Cements.
The approved the INR18 billion (USD209.3 million) resolution plan in Mumbai on 1 April 2025.
SAM advised the committee of creditors of Vadraj Cements, led by Punjab National Bank, on the company’s corporate insolvency resolution process.
Partner Soummo Biswas led the SAM team with the assistance of principal associate Yugal Jain, senior associates Apeksha and Aditi Tomar as well as associates Ritika Sharma and Amandeep Saini. Partner Misha, with help from principal associate Abhilash Chaudhary, led the litigation team.
The resolution plan involves the acquisition of Vadraj, which will be executed through the Vanya Corporation, a wholly owned subsidiary of Nuvoco Vistas. Following the acquisition, Vanya Corporation will merge with Vadraj Cements, making the latter a wholly owned subsidiary of Nuvoco Vistas.
AZB & Partners advised the resolution professional of Vadraj Cements, while Khaitan & Co acted for Nuvoco Vistas.
Vadraj Cements is an unlisted company manufacturing cement and clinker for more than 25 years, and has factories in Surat and Kachchh, Gujarat state. Nuvoco Vistas is a part of 含羞草社区 leading business conglomerate the Nirma Group. Nuvoco is the fifth-largest cement group in India and a leading sector player in East India in terms of capacity.
