N Srinivasan resigns as CEO, MD of India Cements after CCI clears Rs 7,000-cr UltraTech deal

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N Srinivasan resigns as CEO, MD of India Cements after CCI clears Rs 7,000-cr UltraTech deal

//business-finance.news-articles.net/content/202 .. after-cci-clears-rs-7-000-cr-ultratech-deal.html

Published in Business and Finance on Wednesday, December 25th 2024 at 8:01 GMT by MSN
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Srinivasan's exit comes days after the CCI approved over Rs 7,000 crore deal, wherein billionaire Kumar Mangalam Birla-promoted UltraTech Cement will acquire a majority stake in India Cements Ltd

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N. Srinivasan has resigned from his positions as Managing Director and CEO of India Cements Ltd., effective from December 2024, following the Competition Commission of India's (CCI) approval of a Rs 7,000 crore deal with UltraTech Cement. This deal allows UltraTech to acquire up to 23% of India Cements' equity shares, aiming to enhance its market presence in the southern region of India. Srinivasan, who has been at the helm for over four decades, will continue as Vice Chairman and Managing Director until his retirement. The transaction is part of UltraTech's strategy to expand its capacity and market share, while India Cements looks to improve its financial health and operational efficiency through this partnership.

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[ https://www.msn.com/en-in/money/executive-leadership-and-management/n-srinivasan-resigns-as-ceo-md-of-india-cements-after-cci-clears-rs-7-000-cr-ultratech-deal/ar-AA1wti12 ]