In a major corporate shift, N Srinivasan, the long-serving CEO and Managing Director of India Cements, has resigned following the Competition Commission of India’s (CCI) approval of UltraTech Cement’s Rs 7,000 crore deal to acquire a majority stake in India Cements. The deal will see UltraTech Cement, a subsidiary of Grasim Industries, acquire a 32.72% stake in India Cements from its promoters, along with up to 26% through an open offer.
In a regulatory filing, India Cements confirmed that Srinivasan, along with other members of the promoter group, will no longer be associated with the company as promoters. The company further stated that Srinivasan’s resignation, effective immediately, includes his roles as Vice Chairman, Managing Director, Director, and CEO, in line with the terms of the share purchase agreement with UltraTech.
In his resignation letter, Srinivasan stated that his decision was due to the divestment of his entire shareholding in India Cements and his exit from the promoter group, following the acquisition deal. The transaction marks a significant restructuring within the cement industry, as UltraTech Cement strengthens its market position through this strategic acquisition.
