M/s. M S K A & Associates LLP has resigned as the statutory auditors of nuvoco vistas corporation effective July 13, 2026, following the conclusion of a board meeting. The firm cited the completion of its permissible 10-year term under Section 139 of the Companies Act, 2013, as the reason for stepping down. The auditors stated they have completed audits for 10 financial periods, from FY 2016-17 to FY 2025-26, including a casual vacancy appointment.

The Audit Committee and the Board of Directors of Nuvoco Vistas Corporation Limited met on July 13, 2026, to accept the resignation letter submitted by the auditors. M S K A & Associates LLP was originally appointed to fill a casual vacancy in FY 2016-17 and was subsequently re-appointed at the 23rd Annual General Meeting held on August 5, 2022. Their term was initially scheduled to continue until the conclusion of the 28th AGM in 2027.

In its resignation letter, the firm clarified that its decision was based on its interpretation of the Companies Act, 2013, and that it has expressed its inability to continue beyond the completed 10-year tenure. The auditors confirmed there were no other material reasons for the resignation and that no concerns or limitations regarding audit evidence were reported prior to the decision.

The company disclosed that the resignation was intimated to the exchanges pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The latest limited review report submitted by the outgoing auditors was for the quarter ended June 30, 2026, submitted on July 13, 2026.

Details of Resignation

Nuvoco Vistas Corporation inaugurated 2 MMTPA of cement grinding capacity at its Limla Cement Plant in Surat, Gujarat, on July 11, 2026. The facility, operated by Vadraj Cement Limited (VCL), a wholly owned subsidiary, marks the company's entry into the high-growth Gujarat market and strengthens its footprint in Western India. The expansion is part of a strategic revival of VCL assets acquired in June 2025.

Acquisition and Asset Base

The inauguration follows the acquisition of VCL, which was undergoing the Corporate Insolvency Resolution Process (CIRP), for a consideration of ₹1,800 crore. The asset base includes a clinker unit at Kutch and the grinding unit at Limla, along with captive limestone reserves and a jetty. The Limla Grinding Unit achieved project completion ahead of schedule, adding 2 MMTPA to the company's operational scale.

Investment and Financing

The company invested approximately ₹240 crore towards the refurbishment of the Limla plant, excluding the acquisition price of the VCL assets. The parent company financed the refurbishment through inter-corporate deposits. The key capacity and investment details are summarised below:

Strategic Significance and Product Portfolio

Jayakumar Krishnaswamy, Managing Director of Nuvoco Vistas Corp. Ltd., stated that the inauguration reinforces the company's commitment to disciplined expansion. He highlighted Gujarat's strategic importance due to infrastructure development and industrial expansion. The facility will manufacture a complete portfolio of cement products, including Ordinary Portland Cement (OPC), Portland Slag Cement (PSC), and the Nuvoco Duraguard range.

Market Reach and Financial Overview

The Limla plant will serve markets in Gujarat and Western Maharashtra, releasing capacity from existing Rajasthan plants to serve North India customers. The company reported a total income of ₹11,362 crore in FY 2025-26. With this expansion, Nuvoco aims to consolidate its position as a leading building materials player with a total cement capacity of 35 MMTPA by FY 2028.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE118D01016/0553f545adce4da3.pdf