UltraTech Cement, led by Aditya Birla Group, has acquired a significant 23% stake in India Cements Ltd (ICL) for Rs 1,885 crore. This non-controlling financial investment positions UltraTech as the second-largest shareholder in ICL, following a sale by billionaire investor Radhakishan Damani. The move comes amidst escalating consolidation in the cement sector, highlighted by recent acquisitions. UltraTech aims to bolster its market presence in Southern India and expand its capacity to 200 million tonnes by FY27.