A cement manufacturer has emerged as the successful applicant for Cement, which is currently undergoing a corporate insolvency resolution process. The resolution plan submitted by the applicant has been approved by the Committee of Creditors, and a Letter of Intent (LOI) has been issued.
The transaction will be executed through a wholly-owned subsidiary, with funding planned in a manner that avoids a significant increase in consolidated debt levels.
A Cement’s existing facilities include a 3.5 MMTPA clinker unit in Kutch and a 6 MMTPA grinding unit in Surat, Gujarat. The company also owns high-quality limestone reserves, ensuring a consistent and sustainable supply of raw materials for future production.
The insolvency process began last year after a major bank filed a plea over a default exceeding ?87 crore. Cement had total outstanding debt of approximately ?7,000 crore owed to multiple lenders. Previously, the High Court had ordered the winding up of Vadraj Cement following a case filed by a trade creditor.
.
https://www.livehomes.in/news_letter
