Damani eyes partners for Ambuja Cements buy; may invest up to Rs 10,000 cr

May monetise Avenue Supermarts stake to raise funds

Radhakishan Damani, the billionaire investor and promoter of Avenue Supermarts, which owns and operates the DMart chain of retail stores, is planning to join hands with other potential bidders to invest up to Rs 10,000 crore in Ambuja Cements as a financial partner, banking sources told Business Standard.

He may tie up with any consortium that plans to bid for India’s second-largest cement company, put on the block by its Swiss owner Holcim, they said.

Damani already owns a 23 per cent stake in India Cements, a South India-based cement company. “Damani is keen to increase his exposure to the