Despite recent reports, India Cements has denied that Radhakishan Damani, owner of Avenue Supermarts Ltd, will be acquiring a controlling interest in the company.
Mr Damani currently holds a stake of around 20 per cent, while the related group has a stake of around 29 per cent.
"Damani is an investor, so he has been acquiring a stake in India Cements over a period of time. It does not seem like he would want to own and operate a cement company," said a Mumbai broker to The Hindu BusinessLine.

Nuvoco Vistas receives approval for Vadraj Cement acquisition
Nuvoco Vistas Corp Ltd has received approval from the National Company Law Tribunal for its re...