UltraTech Cement completed the acquisition of a 23% stake in India Cements for $228m.

UltraTech Cement, an Indian multinational cement company, completed the acquisition of a 23% stake in India Cements, a cement manufacturing company, for $228m. The move marked a further intensification of the battle for control of India’s cement market, which was dominated for long by Kumar Mangalam Birla’s company until the Adani Group entered the sector in 2022 and has since become the country’s second biggest player.