India Cements Updates
Radhakishan Damani, the Indian business magnate, who built a fortune rolling out his Avenue supermarkets across the country, is considering acquiring a controlling stake in India Cements Ltd., according to insider sources.
Damani, the owner of Avenue Supermarts Ltd who comes from a humble background, has seen his wealth swell $2.8 billion this year to $12.5 billion.
According to the Bloomberg Billionaires Index, Damani is today India’s fourth-richest person. The retail business tycoon and his family members have been acquiring shares of India Cements for some months now, and their holdings quadrupled this year to about 20% as of March 31, exchange filings show.
The share value of India Cements had jumped when news broke out and have since been rising steadily.
India Cements is a 74-year-old cement manufacturer with over10 factories in India, but mainly concentrated in Southern India.
The cement manufacturer’s controlling shareholder, N. Srinivasan holds about 29% of its shares.