N Srinivasan Quits as CEO and MD of India Cements Post UltraTech Deal

02 Jan 2025 CW Team

N Srinivasan has resigned as the Chief Executive Officer (CEO) and Managing Director (MD) of India Cements Ltd (ICL) following the approval of UltraTech Cement’s Rs 70 billion acquisition by the Competition Commission of India (CCI). The deal will see UltraTech, led by billionaire Kumar Mangalam Birla, acquire a majority stake in India Cements. In a regulatory filing, India Cements confirmed that due to the completion of the transaction and the subsequent cessation of control by the existing promoters, Srinivasan has stepped down from his roles. Additionally, his family members, including his wife Chitra Srinivasan, daughter Rupa Gurunath, and V M Mohan, have also resigned from the company’s board. With the completion of the transaction on December 24, 2024, UltraTech Cement has assumed full control of India Cements and has become the company’s new promoter, as per the Listing Obligations and Disclosure Requirements (LODR) Regulations. India Cements also recorded the resignations of several independent directors, including S Balasubramanian Adityan, Krishna Srivastava, Lakshmi Aparna Sreekumar, and Sandhya Rajan, effective December 25, 2024. The board has appointed new directors: K C Jhanwar, Vivek Agrawal, E R Raj Narayanan, and Ashok Ramachandran. Independent directors Alka Bharucha, Vikas Balia, and Sukanya Kripalu have also joined the board. The company noted that the former promoters and members of the promoter group, including N Srinivasan and others, no longer hold any equity shares in the company and are no longer considered part of the promoter group. In his resignation letter, N Srinivasan cited the divestment of his entire shareholding in India Cements and the completion of the acquisition by UltraTech Cement as the reasons for his departure from the company and as the promoter. The CCI had previously granted approval for UltraTech’s acquisition of a 32.72% stake from the promoters of India Cements and Sri Saradha Logistics Pvt Ltd. The competition regulator also allowed UltraTech to acquire up to an additional 26% through an open offer. (moneycontrol)

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