N Srinivasan has stepped down as the Chief Executive Officer (CEO) and Managing Director (MD) of India Cements, marking a major shift in the company’s leadership. His resignation comes shortly after the Competition Commission of India (CCI) approved UltraTech Cement’s ₹7,000-crore deal to acquire a majority stake in India Cements Ltd, a move spearheaded by billionaire industrialist Kumar Mangalam Birla.
In a regulatory filing, India Cements announced the exit of its erstwhile promoters and promoter group, including Srinivasan, his wife Chitra Srinivasan, daughter Rupa Gurunath, and several associated entities and trusts. The company clarified that these former promoters no longer hold any equity shares and have ceased to be part of the promoter group.
The CCI also authorized UltraTech Cement to acquire up to 26% of India Cements’ paid-up equity share capital through an open offer. UltraTech, a subsidiary of Grasim Industries Limited, is India’s leading manufacturer of grey cement, white cement, ready-mix concrete, and building products. Meanwhile, India Cements continues to operate in both core and non-core businesses, focusing primarily on the production and sale of grey cement and ready-mix concrete.
The leadership transition extends beyond Srinivasan. Board resignations include Chitra Srinivasan, Rupa Gurunath, and V M Mohan, along with independent directors S Balasubramanian Adityan, Krishna Srivastava, Lakshmi Aparna Sreekumar, and Sandhya Rajan. Effective December 25, 2024, these changes make way for a new board comprising directors K C Jhanwar, Vivek Agrawal, E R Raj Narayanan, and Ashok Ramachandran, along with independent directors Alka Bharucha, Vikas Balia, and Sukanya Kripalu.
The restructuring follows UltraTech Cement’s bid to strengthen its market dominance through this strategic acquisition, further consolidating its leadership in India’s cement industry.