Monday, 10 February 2020

Nirma Group's Nuvoco Vistas acquires 100% stake of Emami Cement for Rs 5500 crores.

Nuvoco Vistas acquires Emami Cement for Rs 5500 crores


Nuvoco Vistas Corporation Limited, India’s leading building materials company and part of the Nirma Group, announced that it has entered into a share purchase agreement with Emami Group for the acquisition of 100% shareholding of Emami Cement Limited (ECL) for an enterprise value of INR 5500 crores. 

The proposed transaction is subject to approval by the Competition Commission of India (CCI) and is expected to be consummated in next 3-4 months.

Emami Cement is one of the fastest-growing Companies in the cement sector and has established its presence with a strong network in a very short span of time. ECL operates one integrated cement plant in Risdah, Chhattisgarh; and 3 grinding units in Bihar, West Bengal and Odisha with a total installed capacity of 8.3 million tonnes per annum; and with mining leases in Chhattisgarh, Rajasthan and Andhra Pradesh.
 
With the merger of the Nirmax business in Rajasthan and completion of this acquisition; Nuvoco will become one of the leading cement players in the country and specifically in the East. This will bring its total cement capacity in Eastern, Northern and Western India to 23.5 million tonnes (which includes the ongoing capacity expansion project in its Jojobera plant) and over 60 ready-mix plants. The Company has a substantial presence in slag cement in the East while reinforcing a strong portfolio of PPC and OPC products. The combined operations will span 3 facilities in Chhattisgarh, 2 each in Rajasthan and West Bengal, and 1 each in Bihar, Jharkhand, Odisha, and Haryana. Nuvoco’s cement sales will spread across 12 states: Chhattisgarh, Odisha, West Bengal, Bihar, Jharkhand, Rajasthan, Madhya Pradesh, Gujarat, NCR region, Punjab, Uttar Pradesh and Haryana.

Shardul Amarchand Mangaldas acted as the legal advisor, Deloitte Touche Tohamatsu India
LLP acted as the financial diligence advisor and Arpwood Capital acted as the financial
advisor.

Source: Press Release

Note: The owner of TheIndianCapitalist.com is a shareholder of Emami at the time of publishing of the article.

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