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.
![Daily Email](/images/cemnetairmail.gif)
Sign up for our Daily News Service
Our editors' pick the top news delivered to your inbox each day.
Sign up for the daily email