Srinivasan Steps Down from India Cements After UltraTech Acquisition
Deal News | Dec 26, 2024 | EIN
N Srinivasan has resigned from his dual role as Vice Chairman and Managing Director of India Cements Ltd, a company with a market capitalization of Rs 11,581 crore. This resignation follows the completed acquisition by UltraTech Cement, part of the Aditya Birla Group, which purchased a 32.72 per cent stake in India Cements for Rs 7,000 crore. The Competition Commission of India (CCI) cleared the acquisition and allowed UltraTech to pursue an open offer to buy up to 26 per cent more of India Cements' equity. N Srinivasan, known for his leadership roles in the ICC and BCCI, has been instrumental in guiding India Cements through its past M&A activities. A veteran in the industry with over 50 years of experience, Srinivasan holds a B.Sc. (Tech) from Madras University and a postgraduate degree in Chemical Engineering from Illinois Institute of Technology. Meanwhile, UltraTech's acquisition signifies a strategic consolidation move within the cement industry.
Sectors
- Cement Industry
- Mergers and Acquisitions
Geography
- India – The companies involved, UltraTech Cement and India Cements, as well as the primary subject N Srinivasan, are based in India.
Industry
- Cement Industry – The article discusses UltraTech Cement's acquisition of India Cements, both major players in the cement industry.
- Mergers and Acquisitions – This event involves a significant acquisition deal within the sector, qualifying it under M&A activities.
Financials
- Rs 7,000 crore – The acquisition price for UltraTech's majority stake in India Cements.
- Rs 11,581 crore – The market capitalization of India Cements Ltd.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| N Srinivasan | Former Vice Chairman and Managing Director | Person | N Srinivasan is an industrialist with over five decades of experience, having served as vice chairman and MD of India Cements Ltd. |
| India Cements Ltd | Target company | Company | A large Indian cement manufacturing company involved in the acquisition by UltraTech Cement. |
| UltraTech Cement | Bidding company | Company | A subsidiary of the Aditya Birla Group, involved in acquiring a significant stake in India Cements. |
| Aditya Birla Group | Parent company of Bidding company | Company | A large Indian multinational conglomerate that owns UltraTech Cement. |
| Competition Commission of India (CCI) | Regulatory authority | Government | The government body that approved UltraTech Cement's acquisition of India Cements. |