Nirma Group-backed Nuvoco files DRHP for Rs 5,000 cr IPO
ECONOMY & POLICY

Nirma Group-backed Nuvoco files DRHP for Rs 5,000 cr IPO

Nirma Group-backed cement manufacturing company Nuvoco Vistas Corporation Ltd has filed for a draft red herring prospectus (DRHP) to raise Rs 5,000 crore through an initial public offering (IPO).

The cement company will do a fresh issue of equity shares of up to Rs 1,500 crore and its promoter will sell shares of up to Rs 3,500 crore through an offer for sale.

Nuvoco will use the IPO proceeds to repay debt worth Rs 1,350 crore and for general corporate purposes.

Nuvoco Vistas is India's fifth-largest cement maker by manufacturing capacity, according to its statement. It has 11 units across east and north India with an installed capacity of 22.32 million metric tonne per annum.

The company commenced operations in 1999 with the acquisition of the cement business of Tata Steel Ltd (formerly known as TISCO). It was then the India subsidiary of global cement giant Lafarge.

Much of its capacity has been built through acquisitions between 2001 and 2010; it bought the cement business of Raymond Ltd and the ready-mix concrete business of Larsen and Toubro (L&T) Ltd.

In 2016, the company was acquired by Nirma Ltd and subsequently renamed Nuvoco Vistas. Last year, it bought the Emami Group's cement business, with 8.3 million tonnes (mt) per annum capacity.

In the six months ended September 2020, Nuvoco's revenue stood at Rs 2,223 crore versus Rs 3,414 crore in the same period in 2019, and the company made a loss of Rs 58 crore against a profit of Rs 146 crore between April to September 2019. This is according to unaudited financial statements on Nuvosco’s website.

Image Source

Nirma Group-backed cement manufacturing company Nuvoco Vistas Corporation Ltd has filed for a draft red herring prospectus (DRHP) to raise Rs 5,000 crore through an initial public offering (IPO). The cement company will do a fresh issue of equity shares of up to Rs 1,500 crore and its promoter will sell shares of up to Rs 3,500 crore through an offer for sale. Nuvoco will use the IPO proceeds to repay debt worth Rs 1,350 crore and for general corporate purposes. Nuvoco Vistas is India's fifth-largest cement maker by manufacturing capacity, according to its statement. It has 11 units across east and north India with an installed capacity of 22.32 million metric tonne per annum. The company commenced operations in 1999 with the acquisition of the cement business of Tata Steel Ltd (formerly known as TISCO). It was then the India subsidiary of global cement giant Lafarge. Much of its capacity has been built through acquisitions between 2001 and 2010; it bought the cement business of Raymond Ltd and the ready-mix concrete business of Larsen and Toubro (L&T) Ltd. In 2016, the company was acquired by Nirma Ltd and subsequently renamed Nuvoco Vistas. Last year, it bought the Emami Group's cement business, with 8.3 million tonnes (mt) per annum capacity. In the six months ended September 2020, Nuvoco's revenue stood at Rs 2,223 crore versus Rs 3,414 crore in the same period in 2019, and the company made a loss of Rs 58 crore against a profit of Rs 146 crore between April to September 2019. This is according to unaudited financial statements on Nuvosco’s website. Image Source

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000