Mumbai, India |
December 19, 2025 : India Resurgence Fund (“IndiaRF”), a leading
India-focused investment platform promoted by Piramal Group & Bain Capital,
has completed the acquisition of a 45.01% equity stake in Shree Digvijay Cement
Company Limited (“SDCCL”). SDCCL is listed on the National Stock Exchange (NSE)
and Bombay Stock Exchange (BSE), and the stake has been acquired from True North
Fund VI LLP (“True North”), for a consideration of up to INR 579 crores.
IndiaRF has also announced an open offer for
up to 26% equity stake, which is currently awaiting approval from the
Securities and Exchange Board of India (SEBI). Post completion of transaction
and the open offer, IndiaRF intends to own a controlling stake in Shree
Digvijay Cement.
IndiaRF currently manages assets and
commitments of approximately US$1.5 billion across diverse sectors. These
investments focus on key India-centric themes such as domestic consumption,
export-driven strategies, and core infrastructure and manufacturing. The
investment in SDCCL is IndiaRF’s second investment from its second fund, which
is presently under fund-raising.
SDCCL operates a 3.0 million tonnes per annum
(MTPA) cement capacity in Sikka, Gujarat. To strengthen its market presence,
SDCCL has entered into a strategic alliance with Rajkot-based Hi-Bond Cement
(India) Private Limited (“HIBOND”) which has a cement capacity of 2.2 MTPA.
Under the alliance, SDCCL has signed a 10-year exclusive brand usage, supply
& distribution agreement with HIBOND. Further, SDCCL and the promoters of
HIBOND have also entered into an agreement which provides the parties with an
option wherein SDCCL can acquire 100% ownership of HIBOND in the future. Access
to a combined 5.2 MTPA cement capacity in Gujarat positions SDCCL among the
leading cement players in the state.
The acquisition, following approval from the
Competition Commission of India for the SDCCL–Hi-Bond transaction, marks
IndiaRF’s entry into the growing sector and represents the first cement
platform investment by an alternate asset manager in India.
Commenting on the transaction, Shantanu
Nalavadi, Managing Director of IndiaRF, said, “The
Indian cement sector is poised for significant growth, backed by sustained
government-led infrastructure spending and strong housing demand. Given
cement’s strong regional dynamics, this deal firmly positions us in Gujarat,
enabling us to market and sell 5.2 MTPA through SDCCL and Hi-Bond. We aim to
scale this presence through more capacity upgrades, operational improvements,
and dealer network expansion to enhance utilization and competitiveness”
Anil Singhvi, Executive Chairman, Shree
Digvijay Cement Company Limited, added, “With
multiple brands, a 5.2 MTPA footprint, and a legacy dating back to 1944, the
business is well positioned to scale and expand its presence in Gujarat.
Building on the foundation laid by True North and leveraging IndiaRF’s
financial and operational expertise, we are poised to grow SDCCL into a major
regional cement player”
Srikrishna
Dwaram, Partner, True North said, “Our six-year
partnership with Shree Digvijay Cement has been marked by consistent
operational excellence and disciplined growth. The Indian cement industry is
currently experiencing robust growth; driven by significant infrastructure
projects and rising housing demand. We believe IndiaRF brings the right
resources to guide the company through its next growth phase. We wish the team
all the best as they continue to build on this foundation.”
With
cement demand at approximately 450 MTPA and projected 7–8% CAGR growth, the
industry is undergoing significant consolidation. M&A has long been a
defining feature of the sector, as leading players pursue greater scale and
competitive advantage.
About India Resurgence
Fund
India Resurgence Fund (“IndiaRF”) is a leading
India-focused platform dedicated to investing in special situations, owned, and
managed as a 50:50 joint venture between Piramal Group and Bain Capital.
IndiaRF provides attractive, long-term,
risk-adjusted returns to investors primarily by making control investments in
mid-market companies across diverse sectors.
For
more information, please visit: http://www.indiarf.com.
About Shree Digvijay
Cement Company Limited
Incorporated in November 1944, Shree Digvijay
Cement Company Limited manufactures cement at its facility located in the
coastal township of Digvijaygram (Sikka) in the Jamnagar district of Gujarat.
The company currently has an installed capacity of 3.0 Million Tonnes Per
Annum. SDCCL is a publicly traded company, listed on both the National Stock
Exchange (NSE) and the Bombay Stock Exchange (BSE). Its product portfolio
includes a range of specialized cements.
CONTACTS
India
Resurgence Fund
corporate.communication@piramal.com
Shree Digvijay Cement
Company Limited
info@digvijaycement.com