UltraTech Cement, JSW, ArcelorMittal, others in fray for Vadraj Cement: Report

The report further stated that these companies have secured creditors’ debt of about Rs 8,000 crore. The report further stated that these companies have secured creditors’ debt of about Rs 8,000 crore.

Aditya Birla Group flagship UltraTech Cement, Sajjan Jindal-promoted JSW Cement, Lakshmi Mittal-run ArcelorMittal and a dozen other companies have set sights on Vadraj Cement, formerly owned by ABG Shipyard, according to an Economic Times report.

The report stated that these companies have secured creditors’ debt of about Rs 8,000 crore. Moneycontrol couldn't independently verify the report.

Other potential buyers include Nirma Group, JK Cement, a Naveen Jindal group entity, and Oaktree Capital, the report 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) for the assets. Jindal Panther Cement, a Naveeen Jindal group company, and PN Group-promoted CN Infrabuild also gave separate EoIs, the report added.

UltraTech Cement posted a 35 percent surge in net profit in the fourth quarter of FY24, beating estimates on the back of robust demand for building materials and lower operating costs. The company plans a capex of Rs 9,500 crore for FY25.

IPO-bound JSW Cement is actively looking for acquisitions in a bid to expand its capacity, as a spur in infrastructure activity has caused bigger players in the industry to consolidate in a race to gain greater market share.