UltraTech buys stake in India Cements for $226m

UltraTech buys stake in India Cements for $226m

A pedestrian walks past UltraTech Cement Ltd. warehouses near Cochin Port in Cochin, India, on Friday, May 29, 2015. Photographer: Dhiraj Singh

UltraTech Cement, India’s top cement producer by capacity, said on Thursday it will buy a 23% stake in India Cements for up to 18.85 billion rupees (about $226 million).