India Resurgence Fund (IndiaRF), the India-focused investment platform backed by Piramal Group and Bain Capital, has made its first foray into the cement sector with the acquisition of a 45.01 per cent equity stake in Shree Digvijay Cement Co Ltd from private equity firm True North Fund VI LLP for approximately INR5.79bn (US$64.50m).
The transaction, completed on 18 December 2025, positions IndiaRF to seek a controlling shareholding in the NSE- and BSE-listed cement producer once a pending open offer for up to 26 per cent of shares is concluded and regulatory clearances are secured.
Shree Digvijay Cement, headquartered in Gujarat’s Sikka district, operates a 3Mta integrated plant and has entered a long-term brand usage, supply and distribution agreement with Hi-Bond Cement (2.2Mta), giving combined access to roughly 5.2Mta of capacity in one of India’s cement-dense states.
IndiaRF said the move reflects confidence in India’s strong medium-term construction demand, underpinned by government infrastructure spending and housing growth. The fund, which manages around US$1.5bn in assets, noted it plans to focus on capacity upgrades, operational improvement and dealer network expansion to enhance utilisation and competitiveness.
The deal underscores ongoing consolidation in the Indian cement industry as investors pursue scale and strategic positioning in key regional markets.
