Billionaire Damani May Control India Cements
Radhakishan Damani, the Indian tycoon who built a fortune rolling out his supermarkets across the country, is considering acquiring a controlling stake in India Cements Ltd. Damani, the owner of Avenue Supermarts Ltd., has informally reached out to the cement manufacturer’s controlling shareholder, N. Srinivasan, to explore a takeover Srinivasan, who controls about 29% of the Chennai-based cement maker, is also exploring other investors to ward off any hostile bids, the people said, adding Damani has promised a friendly change in management and isn’t seeking a hostile takeover. No decision has been made on how Damani and Srinivasan will proceed. The retail tycoon and his family have been piling on shares of India Cements for some months, and their holdings quadrupled this year to about 20% as of March 31.
Tags : ALLIED