India Cements CEO N. Srinivasan Resigns As UltraTech’s Rs 7,000-Crore Deal Gets CCI Approval

Additionally, Srinivasan's daughter Rupa Gurunath, wife Chitra Srinivasan, and V. M. Mohan have also resigned from the company's board, as per ICL's regulatory filing

N. Srinivasan resigned as the Chief Executive Officer (CEO) of India Cements on Wednesday, following the approval from the Competition Commission of India (CCI) for a deal worth over Rs 7,000 crore. The deal will see billionaire Kumar Mangalam Birla's UltraTech Cement acquire a majority stake in India Cements Ltd.

India Cements Ltd (ICL) announced that following the completion of the transaction and the resulting loss of control by the current promoters, N. Srinivasan has stepped down from his roles as Vice Chairman and Managing Director.

Additionally, his daughter Rupa Gurunath, wife Chitra Srinivasan, and V. M. Mohan have also resigned from the company's board, as per ICL's regulatory filing.

Furthermore, ICL confirmed that with the finalisation of the transaction on December 24, 2024, UltraTech Cement has acquired full control of the company and has become its new promoter, in compliance with the LODR Regulations.

The board also noted the resignation of several independent directors – S. Balasubramanian Adityan, Krishna Srivastava, Lakshmi Aparna Sreekumar, and Sandhya Rajan – effective from the close of business on December 25, 2024.

In addition, the board has appointed four new directors: K.C. Jhanwar, Vivek Agrawal, E.R. Raj Narayanan, and Ashok Ramachandran. Furthermore, three independent directors – Alka Bharucha, Vikas Balia, and Sukanya Kripalu – have joined the ICL board.

In a regulatory filing, India Cements said, "The erstwhile promoters and members of the promoter group, namely Mr. N. Srinivasan, Mrs. Chitra Srinivasan, Mrs. Rupa Gurunath, EVVS Finance &; Investments Private Limited, Mr. S.K. Asokh Baalaje, Financial Service Trust, Security Services Trust and Chennai Super Kings Cricket Limited (collectively, "Erstwhile Promoters"), who no longer hold any equity shares of the Company, cease to be promoters/members of the promoter group of the company."

Meanwhile, N Srinivasan in a letter cited, "Consequent to the divestment of my entire shareholdings in The India Cements Limited ("ICL"), as one of the 'Promoters' of ICL with UltraTechCement Limited ("Acquirer") and in terms of the Share Purchase Agreement dated 28.07.2024 entered with the Acquirer, I, N.Srinivasan (DIN: 00116726), hereby tender my resignation as Vice Chairman &; Managing Director, Director and Chief Executive Officer (KMP) of The India Cements Limited with immediate effect. I also cease to be the Promoter of The India Cements Limited with immediate effect."