MUMBAI : Nirma Group's cement company, Nuvoco Vistas Corp. Ltd, on Thursday filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India to raise Rs5,000 crore through an initial public offering (IPO). For fiscal year 2020, Nuvoco Vistas' revenue from operation stood at Rs6,793.24 crore versus Rs7,052.13 crore a year ago. ICICI Securities Ltd, Axis Capital, HSBC Securities and Capital markets India, JP Morgan India and SBI Capital Markets are the lead managers to the issue. Nuvoco Vistas Corp., the fifth largest cement company in India, began its journey after acquiring the Indian cement business of LafargeHolcim in 2016 for $1.4 billion. As of December 2020, its cement plants have an installed capacity of 22.32 MMTPA, while as of March 2021, it operates 49 RMX Plants.

Source: Mint May 06, 2021 12:15 UTC