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)

Real Estate

06 Apr 2026

MAIA Estates Launches ‘The Seven’ in South Bengaluru

MAIA Estates has recently announced the launch of ‘The Seven’, a premium residential development in Basavanagudi, South Bengaluru. The project comprises twin towers across a 3.67-acre site, offering 128 exclusive 4 BHK+ residences spread over 36 storeys, with a total saleable area of around 6,00,000 sq ft. Completion is targeted by 2029.Developed under a joint development agreement, the project is backed by Rs 1.2 billion in institutional funding from Arnya Real Estate Fund – Debt. The launch marks the company’s entry into South Bengaluru, a micro-market characterised by limited premiu..

Hindustan Zinc Reports Record FY26 Production

Hindustan Zinc Limited recently reported its production performance for the fourth quarter and financial year ended March 31, 2026, recording its highest-ever output across key segments.Mined metal production reached a record 315 kt in 4QFY26 and 1,114 kt for FY26, supported by higher ore output and improved grades. Refined metal output stood at 282 kt for the quarter, driven by capacity enhancements at Chanderiya and Dariba, alongside improved operational efficiency.Refined zinc production rose to 851 kt in FY26, up 3 per cent year-on-year, supported by debottlenecking projects and expanded r..

CFI Appoints New National Council for FY27 and FY28

The Construction Federation of India (CFI) has announced its newly elected National Council and office bearers for a two-year term covering FY27 and FY28. M. V. Satish, Advisor to CMD and Lead Ambassador for Middle East, L&T, has been elected President; Priti Patel, Chief Strategy & Growth Officer, Tata Projects, has been appointed Vice President; and Ajit Bhate, Managing Director, Precast India Infrastructures, has taken charge as Treasurer.The newly formed National Council brings together senior leaders from major EPC and infrastructure companies, reflecting CFI’s continued focus o..