New leadership for India Cements, UltraTech appoints new CEO & CFO for new subsidiary

New Delhi: India Cements Ltd, now a subsidiary of UltraTech, has announced the appointment of new leadership for the company, following the exit of its former promoters including N Srinivasan as Managing Director & CEO from the South-based cement maker.

The board of India Cements Ltd (ICL) has approved the appointment of Suresh Vasant Patil as CEO and Krishnagopal Ladsaria as CFO, the company said in a regulatory filing.

Both the appointments are with effect from Wednesday, it added.

Patil, who joined the Aditya Birla conglomerate as a Management Trainee in 1988, has over 35 years of work experience. Currently, he heads the Ready-Mix Concrete, and Building Product Division at UltraTech.

While Ladsaria, in his immediate previous role, was the Chief Financial Officer at Century Enka, a listed Aditya Birla conglomerate Company.

Last week, the flagship firm of Aditya Birla group announced the completion of the acquisition of the promoters' 32.72 per cent stake in ICL.

Following this, UltraTech's shareholding increased to 55.49 per cent of ICL's equity share capital, after clubbing the existing shareholding of 22.77 per cent.

A day after that on December 25, ICL informed that pursuant to the completion of the transaction and due to the consequent cessation of control by the existing promoters over the company, N Srinivasan has stepped down as Vice Chairman and Managing Director & CEO.

Besides, his daughter Rupa Gurunath, wife Chitra Srinivasan and V M Mohan have also stepped down from the board of the company, along with four independent directors.

It was immediately replaced with new appointments of four independent directors on the same day.

UltraTech, with a consolidated capacity of 171.11 Million Tonnes Per Annum (MTPA) of grey cement, is the largest cement maker. It has 32 integrated manufacturing units, 34 grinding units, one Clinkerisation unit and 8 Bulk Packaging Terminals.

The Indian cement industry is witnessing consolidation and heightened rivalry between two corporate houses -- Kumar Mangalam Birla-led Aditya Birla Group and Gautam Adani-led Adani Group -- snapping smaller players.

Adani Cement recently announced the acquisition of CK Birla group firm Orient Cement, through which it will achieve a capacity of 100 MT (million Tones) per annum by the end of FY25 and a gain of 2 per cent in the overall market share in the country.

It has completed the acquisition of Saurashtra-based Sanghi Industries, and Penna Industries and recently announced the acquisition of CK Birla group firm Orient Cement as part of its inorganic growth strategy.

Aditya Birla Group also plans to maintain its lead with 200 MTPA capacity by FY27. UltraTech is also in the process of acquiring Kesoram Industries' cement business and is awaiting regulatory clearance.