India Cements in play: Will there be a rival for UltraTech?

N. Srinivasan, vice chairman of India Cements and one of the earliest to build a business with hostile takeovers, is probably under siege. India’s biggest cement maker, UltraTech Cement controlled by the Aditya Birla Group, this morning disclosed its intentions to buy up to 23% stake in India Cements, which it termed as a financial investment. Speculation is that Ultratech could buy the stake held by investor Radhakishan Damani and associates at