N Srinivasan resigns as CEO, MD of India Cements after CCI approves ₹7,000-crore UltraTech deal | Company Business News

N Srinivasan, chief executive officer (CEO) and managing director (MD) of India Cements, and other board members tendered their resignations with immediate effect on Wednesday, December 25, 2024 following UltraTech Cement’s 32 per cent acquisition of the South-based cement maker.
Earlier this month, the Aditya Birla Group-owned cement major completed the acquisition of 10.13 crore equity shares of India Cements, representing 32.72 per cent of the company’s equity share capital. With the completion of the stake, India Cements became a subsidiary of UltraTech Cement.
India Cements informed the stock exchanges in a regulatory filing that N Srinivasan has stepped down as vice chairman and managing director pursuant to the completion of the transaction and due to the consequent cessation of control by the existing promoters over the company. Srinivasan’s daughter Rupa Gurunath, wife Chitra Srinivasan, and V M Mohan have also stepped down from the company’s board.