Nuvoco Vistas Corporation has signed and executed Securities Purchase Agreement (SPA) for acquisition of 100% securities of Algebra Endeavour (the holding company of Vadraj Energy (Gujarat)) with JSW Cement, Alpha Alternatives Holdings and Algebra Endeavour. The transaction shall be closed within 10 days from the date of completion of all the condition precedents entailed in the SPA. The cost of the acquisition is up to Rs 200 crore.
Vadraj Energy (Gujarat), being wholly owned subsidiary of Algebra has power plants at Kutch and Surat, the said facilities will be utilized by the company for its captive power consumption. Algebra is engaged in the business of providing advisory services and investment activities.
Nuvoco Vistas Corporation is one of the leading ready-mix concrete manufacturers in India. It offers a range of products across cement, RMX and modern building materials.
