UltraTech Cement Gains Control of India Cements

N. Srinivasan has resigned as the CEO and Vice Chairman of India Cements following UltraTech Cement's acquisition of a 55.49% stake in the company, making it the majority shareholder. The acquisition, valued at Rs 7,000 crore, was approved by the Competition Commission of India and marked a significant change in leadership, with several board members, including Srinivasan's family, stepping down. Srinivasan's departure ends his 50-year association with India Cements, which was co-founded by his father, T.S. Narayanaswami, in 1946. The resignations also included independent directors, while UltraTech appointed new directors to the board, such as K.C. Jhanwar and Vivek Agrawal. UltraTech Cement, part of the Aditya Birla Group, now has sole control over India Cements, repositioning it within the competitive Indian cement market.