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

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

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)

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)

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?