India Cements CEO N. Srinivasan Resigns As UltraTech’s Rs 7,000-Crore Deal Gets CCI Approval
ABP NewsN. Srinivasan resigned as the Chief Executive Officer of India Cements on Wednesday, following the approval from the Competition Commission of India 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 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. 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. Meanwhile, N Srinivasan in a letter cited, "Consequent to the divestment of my entire shareholdings in The India Cements Limited, as one of the 'Promoters' of ICL with UltraTechCement Limited and in terms of the Share Purchase Agreement dated 28.07.2024 entered with the Acquirer, I, N.Srinivasan, hereby tender my resignation as Vice Chairman &; Managing Director, Director and Chief Executive Officer of The India Cements Limited with immediate effect.
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