N Srinivasan has stepped down as the Chief Executive Officer (CEO) of India Cements Ltd (ICL) following the completion of a major deal in which UltraTech Cement, a company owned by billionaire Kumar Mangalam Birla, acquired a controlling stake in India Cements. The Competition Commission of India (CCI) cleared the over Rs 7,000 crore transaction earlier this week, leading to significant changes in the leadership structure of the cement giant.
In a regulatory filing, India Cements confirmed that Srinivasan, along with his family members—wife Chitra Srinivasan, daughter Rupa Gurunath, and associate V M Mohan—have resigned from the company’s board. This follows the conclusion of the deal in which UltraTech Cement acquired sole control of ICL, making it the new promoter of the company.
As per the filing, “pursuant to the consummation of the transaction on December 24, 2024, UltraTech has acquired sole control of the company and has become the promoter of the company in accordance with the LODR Regulations.” With this acquisition, the former promoters, including Srinivasan and his family, no longer hold any equity shares or management positions in the company.
Srinivasan also confirmed his resignation in a personal letter. “Consequent to the divestment of my entire shareholding in India Cements, I hereby tender my resignation as Vice Chairman & Managing Director, Director, and Chief Executive Officer (KMP) of India Cements Ltd with immediate effect,” he wrote. The resignation marks the end of an era for the company, as Srinivasan has been a significant figure in India Cements for many years.
UltraTech’s acquisition involved purchasing a 32.72 percent stake in India Cements from the promoters and other group entities. Additionally, UltraTech was granted approval by CCI to make an open offer for up to 26 percent of India Cements’ equity shares. This move is part of UltraTech’s strategic expansion in the Indian cement market, where it is already a dominant player.
The board of India Cements has appointed four new directors, K C Jhanwar, Vivek Agrawal, E R Raj Narayanan, and Ashok Ramachandran. Additionally, three independent directors, Alka Bharucha, Vikas Balia, and Sukanya Kripalu—have been added to the board.
The deal, which had been pending regulatory approval, was cleared by the CCI on the grounds that it would not harm competition in the cement market. The commission’s approval is crucial for deals of this scale, ensuring that business practices remain fair and that no single entity gains an unfair advantage in the marketplace.
India Cements, once controlled by Srinivasan and his family, will now be under the leadership of UltraTech Cement, which has become the largest player in the Indian cement industry through this acquisition. This deal further consolidates UltraTech’s market position, enhancing its capacity to compete both domestically and globally in the growing cement sector.