Why has UltraTech's stake buy in India Cements sparked takeover speculations?

India's largest cement-maker UltraTech Cement's move to acquire 23% non-controlling stake in India Cements has sparked speculations about potential hostile takeover. While the 23% stake will not trigger a mandatory open offer, it may prevent any other corporate rival from acquiring position in India Cements. This comes at a time when Adani Group is increasingly scaling acquisitions in this sector.