UltraTech Cement, India’s largest cement maker, has purchased a 23% stake in India Cements Ltd (ICL) for Rs 1,889 crore from investor Radhakishan Damani. This move, termed a “non-controlling financial investment,” aims to strengthen UltraTech’s position in the competitive South India market, where it faces increasing rivalry from the Adani group. Despite speculation of a hostile takeover, UltraTech clarified it does not intend to seek a board seat at ICL. Analysts question the strategic value of the stake but acknowledge potential synergies in cement capacities.