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N. Srinivasan resigned as the CEO of India Cements on Wednesday, following the approval of a Rs 7,000-crore deal by CCI
UltraTech Cement (Representative image)
N. Srinivasan resigned as the Chief Executive Officer (CEO) of India Cements on Wednesday, following the approval of a Rs 7,000-crore deal by the Competition Commission of India (CCI). This deal sees UltraTech Cement, a company promoted by billionaire Kumar Mangalam Birla, acquiring a majority stake in India Cements Ltd (ICL).
In a regulatory filing, ICL announced that Srinivasan stepped down as Vice Chairman and Managing Director following the completion of the transaction, which led to the cessation of control by the current promoters over the company. In addition to Srinivasan’s resignation, his daughter Rupa Gurunath, wife Chitra Srinivasan, and V. M. Mohan also resigned from the company’s board.
ICL further confirmed that UltraTech Cement has gained sole control of the company, becoming its new promoter under the LODR Regulations, following the completion of the transaction on December 24, 2024.
The board also recorded the resignations of independent directors S. Balasubramanian Adityan, Krishna Srivastava, Lakshmi Aparna Sreekumar, and Sandhya Rajan, effective from the close of business hours on December 25, 2024. In their place, four new directors – K.C. Jhanwar, Vivek Agrawal, E.R. Raj Narayanan, and Ashok Ramachandran – have been appointed. Additionally, three independent directors, Alka Bharucha, Vikas Balia, and Sukanya Kripalu, have joined ICL’s board.
In its filing, India Cements stated that the former promoters, including N. Srinivasan, Chitra Srinivasan, Rupa Gurunath, and several associated entities, have divested all their equity shares in the company and are no longer part of the promoter group.
In a letter, N. Srinivasan explained his resignation, citing the divestment of his entire shareholding in India Cements. He confirmed stepping down as Vice Chairman, Managing Director, Director, and CEO with immediate effect, in line with the Share Purchase Agreement dated July 28, 2024.
The CCI had previously cleared UltraTech’s acquisition of 32.72% of India Cements’ equity share capital from its promoters and related entities, along with the approval for an open offer to acquire up to 26% of the company’s shares. UltraTech Cement is engaged in manufacturing and selling grey cement, white cement, ready-mix concrete, and other building products across India.
The deal required approval from the CCI, which monitors fair business practices and ensures competitive conditions in the marketplace.
