The Gujarat-based Vadraj Cement was acquired under the Insolvency and Bankruptcy Code process. Nuvoco had received a letter of intent in January 2025 and had previously called the acquisition a "valuable buy," citing a competitive cost of around $60 per tonne—lower than recent deals in the sector.

With this acquisition, Nuvoco’s cement capacity will rise to 31 million tonnes per annum (MTPA) and clinker capacity to 17 MTPA by Q3FY27. The deal significantly strengthens the company’s footprint in Western India, making it the third largest cement producer by capacity across Gujarat and Maharashtra.

Nuvoco, part of the Nirma Group, plans to invest an additional Rs 9–12 billion in Vadraj over the next 18–24 months to bolster operations and accelerate integration. Initially established as Lafarge India in 1999, the company was rebranded as Nuvoco Vistas after its acquisition by the Nirma Group in 2016.