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Radhakishan Damani looks to acquire controlling stake in India Cements

Damani, the owner of Avenue Supermarts, has informally reached out to the cement manufacturer's controlling shareholder

Radhakishan Damani
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Srinivasan, who controls about 29 per cent of the Chennai-based cement maker, is also exploring other investors to ward off any hostile bids, the people said, adding Damani has promised a friendly change in management and isn’t seeking a hostile takeover.

P R Sanjai and Anto Antony | Bloomberg
Radhakishan Damani, the Indian tycoon who built a fortune rolling out his supermarkets across the country, is considering acquiring a controlling stake in India Cements, according to people familiar with the matter.

Damani, the owner of Avenue Supermarts, has informally reached out to the cement manufacturer’s controlling shareholder, N Srinivasan, to explore a takeover, the people said, asking not to be named as the information is not public.

Srinivasan, who controls about 29 per cent of the Chennai-based cement maker, is also exploring other investors to ward off any hostile bids, the people said, adding Damani has promised a friendly change in

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First Published: Jun 18 2020 | 1:57 AM IST

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