MD of India Cements, N Srinivasan resigns as CEO, after CCI ₹7,000-crore UltraTech deal

N Srinivasan has resigned from his positions as vice chairman and managing director following the completion of the transaction, which has resulted in the existing promoters losing control over the company.

N Srinivasan, the chief executive officer (CEO) and managing director (MD) of India Cements, along with other members of the board, submitted their resignations effective immediately on Wednesday, December 25, 2024, following UltraTech Cement’s acquisition of 32 percent of the South-based cement manufacturer.

Earlier this month, the cement giant owned by the Aditya Birla Group finalized the acquisition of 10.13 crore equity shares of India Cements, which accounts for 32.72 percent of the company’s equity share capital. As a result of this transaction, India Cements has become a subsidiary of UltraTech Cement.

In a regulatory filing to the stock exchanges, India Cements announced that N Srinivasan has resigned from his positions as vice chairman and managing director due to the completion of the acquisition and the resulting loss of control by the existing promoters over the company. Additionally, Srinivasan’s daughter Rupa Gurunath, his wife Chitra Srinivasan, and V M Mohan have also resigned from the board.

India Cement’s board is poised for a significant restructuring following UltraTech Cement’s acquisition of the Chennai-based company for ₹7,000 crore. On Wednesday, December 25, the Chief Executive Officer, N Srinivasan, along with several other board members, submitted their resignations effective immediately, as reported in a filing to the Bombay Stock Exchange.

In addition to N Srinivasan, his daughter Rupa Gurunath, his wife Chitra Srinivasan, and VM Mohan have also stepped down from the board of directors. The resignations extend to independent directors, including S Balasubramanian Adityan, Krishna Srivastava, Lakshmi Aparna Sreekumar, and Sandhya Rajan, as indicated in the exchange filing.

CFO R Srinivasan is set to retire on January 1, 2025, as indicated in the exchange filing. This announcement follows the approval granted by the Competition Commission of India (CCI) on December 20 for UltraTech’s acquisition of approximately 10.13 crore equity shares, amounting to 32.72 percent of the share capital of India Cements.