Nuvoco Vistas Corp. Ltd. announced that it has executed a Securities Purchase Agreement (SPA) for the acquisition of 100% equity of Algebra Endeavour Private Limited, the holding company of Vadraj Energy (Gujarat) Limited. The agreement has been signed with JSW Cement Limited, Alpha Alternatives Holdings Private Limited, and Algebra Endeavour Private Limited. The disclosure was made pursuant to Regulation 30 of SEBI’s Listing Regulations.
Under the transaction, valued at up to ₹200 crore, Nuvoco will acquire all securities of Algebra through a cash consideration. As per the filing, payments include ₹191.63 crore to JSW Cement Limited and ₹8.37 crore to Alpha Alternatives Holdings Pvt Ltd. Upon completion, Algebra will become a wholly owned subsidiary of Nuvoco and therefore a related party.
Algebra Endeavour Pvt Ltd, incorporated on November 10, 2020, is engaged in advisory services and investment activities. Its wholly owned subsidiary, Vadraj Energy (Gujarat) Limited, owns power plants located in Kutch and Surat. Nuvoco stated that these power generation facilities will be utilized for captive power consumption, supporting the company’s manufacturing operations.