India Cements Ltd, which is now a subsidiary of UltraTech, has announced new leadership for the company, after its former promoters, including N Srinivasan, left the South-based cement maker as Managing Director & CEO.
The board of India Cements Ltd (ICL) has approved the appointment of Suresh Vasant Patil as CEO and Krishnagopal Ladsaria as CFO, the company said in a regulatory filing.
Both the appointments have been made with effect from Wednesday, it added.
Patil joined the Aditya Birla conglomerate as a Management Trainee in 1988 and has more than 35 years of work experience. Presently, he leads the Ready-Mix Concrete, and Building Product Division at UltraTech.
While Ladsaria was the Chief Financial Officer at Century Enka, a listed Aditya Birla conglomerate Company, in his immediate previous role.
Last week, the flagship firm of Aditya Birla group announced the completion of the acquisition of the promoters' 32.72 per cent stake in ICL.
Subsequently, UltraTech's shareholding went up to 55.49 per cent of ICL's equity share capital, after clubbing the existing shareholding of 22.77 per cent.
On the next day itself, December 25, ICL announced that in accordance with the completion of the transaction, as a consequence whereof the existing promoters have ceased to be in control over the company, N Srinivasan would leave the position of Vice Chairman and Managing Director & CEO.
Besides, his daughter Rupa Gurunath, wife Chitra Srinivasan and V M Mohan have also stepped down from the board of the company, along with four independent directors.
It was replaced immediately with new appointments of four independent directors on the same day. UltraTech is the largest cement maker with a consolidated capacity of 171.11 Million Tonnes Per Annum (MTPA) of grey cement. It has 32 integrated manufacturing units, 34 grinding units, one Clinkerisation unit and 8 Bulk Packaging Terminals.
Indian cement industry is witnessing consolidation, and heightened rivalry is seen between the two corporate houses, -- Kumar Mangalam Birla-led Aditya Birla Group and Gautam Adani-led Adani Group, who snapped smaller players in the past.
Adani Cement recently announced the acquisition of CK Birla group firm Orient Cement, through which it will achieve a capacity of 100 MT (million Tones) per annum by the end of FY25 and a gain of 2 per cent in the overall market share in the country.
It has completed the acquisition of Saurashtra-based Sanghi Industries, and Penna Industries and recently announced the acquisition of CK Birla group firm Orient Cement as part of its inorganic growth strategy.
Aditya Birla Group also intends to continue with its position with the addition of 200 MTPA by FY27. UltraTech also plans to buy the cement business from Kesoram Industries and awaits clearance from the regulator.
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