Nirma Group, JK Cement, Naveen Jindal group entity, and Oaktree Capital are also among the potential buyers, the people said.
AM Mining India, a joint venture between ArcelorMittal and Nippon Steel, Oaktree Capital-backed India Opportunities XII Investments, and Nirma group-backed Nuvoco Vistas Corporation submitted expressions of interest (EoIs). Naveen Jindal group company called Jindal Panther Cement, and PN Group-promoted CN Infrabuild also gave separate EoIs.
Resolution professional Pulkit Gupta, backed by EY India, did not respond to ET’s request for comment. ArcelorMittal and JSW Cement declined comment while Aditya Birla Group did respond to ET’s request for comment.
Rashmi Group-promoted Orissa Metaliks, Khandwala Group-promoted KIFS Finstock, and Friends Group-promoted Kutch Salt and Allied Industries. Prudent Asset Reconstruction Company (ARC)-promoted RKG Fund II also submitted an EoI.Gupta, the resolution professional, admitted ₹8,030 crore worth of claims from secured lenders. These include a ₹2,005 crore claim from Punjab National Bank, constituting a fourth of the total debt. Union Bank of India has the second-highest claim of ₹1611 crore or a fifth of total verified debt. Indian Overseas Bank and Central Bank of India are the other two lenders with a share of 17% and 16% respectively in debt. Other lenders are Bank of Baroda, UCO Bank and JC Flowers ARC.The company has an integrated cement manufacturing facility comprising a 10,000 TPD (tonnes per day) clinker unit at Kutch and a 6 million tonnes (mt) cement grinding unit at Surat – both located in Gujarat. It also has limestone mining rights and a captive jetty in Kutch.Vadraj Cement was admitted for corporate insolvency by the National Company Law Tribunal (NCLT) in the first week of February. This followed the company being in liquidation for more than five years under the supervision of the Bombay High Court. The case was subsequently shifted to NCLT, offering lenders a glimmer of hope for recovery.
The high court ordered the winding up of the company on August 23, 2018, in a matter pertaining to Beumer Technology versus Vadraj Cement. The court recalled the order following a plea by JC Flowers ARC on August 18, 2023.
