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News Punjab National Bank

Displaying items by tag: Punjab National Bank

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Nuvoco Vistas completes Vadraj Cement acquisition

24 June 2025

India: Nuvoco Vistas has completed its acquisition of Vadraj Cement, upon the payment of US$20.9m to lenders led by Punjab National Bank and Union Bank of India. Gujarat-based Vadraj Cement operates a 6Mt/yr grinding unit in Surat. The acquisition increases Nuvoco Vistas' installed cement capacity by 24%, to 31Mt/yr.

Nuvoco Vistas undertook the acquisition through its wholly-owned subsidiary Vanya Corporation.

Published in Global Cement News
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Tribunal orders insolvency proceedings against Vadraj Cement

05 February 2024

India: The National Company Law Tribunal has initiated a corporate insolvency resolution process for Vadraj Cement. The former cement producer defaulted on US$10.5m in debts owed to Punjab National Bank. Mint News has reported that Vadraj Cement has total debts of US$843m.

Published in Global Cement News
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Punjab National Bank auctions Burnpur Cement's account

07 July 2022

India: Punjab National Bank (PNB) has invited asset reconstruction companies' bids for US$6.31m-worth of outstanding loans owed by Burnpur Cement. Press Trust of India News has reported that account has a reserve price of US$2.52m.

Published in Global Cement News
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Former owner of Binani Cement prevented from leaving India

25 January 2019

India: Braj Binani, the owner of Binani Industries and the former owner of Binani Cement, has been prevented from travelling to the UK by Indian immigration officials. Punjab National Bank (PNB) issued a so-called lookout notice to prevent debt defaulters leaving the country, according to DNA Money. The notice was issued following Binani’s failure to attend a Kolkata Bench of the National Company Law Tribunal (NCLT) on 20 January 2019.

Binani Industries had stood guarantor for a US$42m loan taken out by a subsidiary but then left unpaid. Binani Cement was acquired by UltraTech Cement in late 2018 following a legal battle with Dalmia Bharat.

Published in Global Cement News
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