Despite recent reports, India Cements has denied that Radhakishan Damani, owner of Avenue Supermarts Ltd, will be acquiring a controlling interest in the company.

Mr Damani currently holds a stake of around 20 per cent, while the related group has a stake of around 29 per cent.

"Damani is an investor, so he has been acquiring a stake in India Cements over a period of time. It does not seem like he would want to own and operate a cement company," said a Mumbai broker to The Hindu BusinessLine.

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