India Cements Limited (ICL) on Wednesday announced that its former promoter N Srinivasan has stepped down as the company’s managing director and CEO with immediate effect. The company’s Board also approved the resignations of whole-time director Rupa Gurunath and two other non-independent directors, Chitra Srinivasan and VM Mohan.
The move comes a week after the Competition Commission of India approved UltraTech Cement’s acquisition of a majority stake in Chennai-based India Cements for over ₹7,000 crore.
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On Tuesday, India Cements informed stock exchanges that UltraTech Cement has purchased 10.13 million equity shares, representing 32.72% of the company’s equity share capital. UltraTech, which previously held a 22.77% stake, now holds 55.49% following the latest acquisition. “Consequently, the company has become a subsidiary of UltraTech with effect from December 24, 2024,” India Cements said.
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In July, the country’s largest cement maker Ultratech announced that it would acquire a 32.72% equity stake from the promoters and their associates of India Cements, following its acquisition of a 22.77% stake in June 2024.
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