UltraTech to build on its India cements stake

UltraTech Cement was in advanced talks to buy a 28.42% stake in India Cements from N. Srinivasan, raising its total holdings to 51%. This `7,000 crore deal would trigger an open offer and significantly strengthen UltraTech's market share in southern India. N. Srinivasan's family has no interest in running the business after his retirement.