Aditya Birla Group's UltraTech Cement has announced the acquisition of a 23% stake in India Cements, a company led by former BCCI president N Srinivasan, for over Rs 1,900 crore. This move is expected to increase UltraTech's manufacturing capacity and bolster its competition against Adani Group. The acquisition was made through two block deals and UltraTech will now become the second-largest shareholder in India Cements. Adani Group had recently announced its own acquisition of Penna Cement, adding 14 MTPA to its capacity.