India Resurgence Fund (IndiaRF), an 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 operates a 3.0 Mta cement capacity plant (photo) in Sikka, Gujarat and entered into a strategic alliance with Rajkot-based Hi-Bond Cement (India), which has a cement capacity of 2.2 Mta. 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.