At a time when several deals are
falling apart due to the COVID-19 pandemic, the Emami Cement Limited and the Nuvoco Vistas Corporation Limited on Thursday said their Rs 5,500 crore acquisition pact is on track.
Nuvoco Vistas, formerly Lafarge India Limited, in February announced that it will acquire the 8.3 million tonne per annum cement business of Emami for an enterprise value Rs 5,500 crore.
"We confirm that the Proposed Transaction is very much on, subject to the receipt of approval of Competition Commission of India and other third parties," a joint statement of the two companies said.
Completion of the proposed transaction is subject to the formalities including receipt of prior approval of the CCI, it said.
The application is pending before the CCI, Emami said.
According to reports, Nuvovo deposited Rs 250 crore in an escrow account.
If the deal falls apart for reasons not from the buyer's side, the amount will get forfeited, sources said.
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