 "Nuvoco, Emami cement")
Taking forward its commitment to buy Emami Cement, Nuvoco Vistas has deposited Rs 250 crore in an escrow account this month as break fee.
The Emami group and Nuvoco had signed a deal to open the account with Kotak Bank.
Sources in the know said the amount was being paid to show ‘Nuvoco’s commitment’ to finalise the agreement, which it signed with Emami last month for acquisition of the cement assets.
A source said Nuvoco had already applied to the Competition Commission of India (CCI) for its clearance to take forward the acquisition plan and the deal can be closed within 2-3 months
