Finance Desk – N. Srinivasan has stepped down from his positions as CEO and Managing Director of India Cements after a big business deal was approved. This deal involved UltraTech Cement, a company led by Kumar Mangalam Birla, buying a large part of India Cements for Rs 7,000 crore.
As a result of this deal, UltraTech Cement now controls India Cements and has become its new owner. Srinivasan, along with some family members and board members, resigned from their positions. New directors have been appointed to the company’s board.
Srinivasan sold all his shares in India Cements, which is why he resigned. The company also confirmed that he and his family no longer lead the company.
UltraTech Cement, which makes and sells cement and other building products, bought 32.72% of India Cements from Srinivasan and others. They also plan to buy up to 26% more shares. This purchase needed the approval of the Competition Commission of India, which makes sure companies compete fairly and keep the market healthy.
