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India's Nuvoco Vistas Corporation cleared to acquire Vadraj Cement, adding to its capacity.
The National Company Law Appellate Tribunal has dismissed an appeal against Nuvoco Vistas Corporation's acquisition of Vadraj Cement, upholding the previous approval given by the National Company Law Tribunal.
Nuvoco, India's fifth-largest cement maker, will pay Rs 1,800 crore for the acquisition, which adds a total of 9.5 million tonnes per annum to its capacity, bringing its consolidated capacity to 31 million tonnes per annum.
The tribunal also upheld the payout to employees despite concerns raised.
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Nuvoco Vistas Corporation de la India fue autorizada para adquirir Vadraj Cement, aumentando su capacidad.