Nirma Cement, a leading industrial conglomerate, emerged as the preferred bidder in the insolvency sale of Vadraj Cement, outbidding Ambuja in the process.

Nuvoco Vistas, backed by Nirma Group, has acquired Vadraj Cement at an auction for ₹1,800 crore, outbidding Adani Group. The cement company has a 6 million-tonne grinding unit in Surat and a 3.5-million-tonne clinker capacity in Kutch. Seven bidders participated in the auction, including Adani, JSW Group, JK Cement, and ArcelorMittal. Nuvoco’s offer was the highest, with ₹1,725 crore set aside for repaying financial creditors’ dues and the balance for operational credits, employee dues, and costs. The lenders approved Nuvoco’s resolution plan, which was submitted through its subsidiary Vanya Corporation. The acquisition will require a fresh investment of nearly ₹900-₹1,000 crore to make the cement plant operational by December 2026. The court-monitored corporate insolvency process began after Vadraj Cement was ordered to be wound up in August 2018. The National Company Law Tribunal (NCLT) admitted the company in February 2024, and Nuvoco completed the sale process in less than a year.