N Srinivasan resigned from his roles as Chief Executive Officer (CEO) and Managing Director (MD) of India Cements on Wednesday, following the Competition Commission of India’s (CCI) approval of a deal worth over ₹7,000 crore. This deal involves UltraTech Cement, promoted by billionaire Kumar Mangalam Birla, acquiring a majority stake in India Cements Ltd.

In a regulatory filing, India Cements disclosed that its former promoters and promoter group members are no longer associated with the company. The statement read, “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. Asokh Baalaje, Financial Service Trust, Security Services Trust, and Chennai Super Kings Cricket Limited (collectively, ‘Erstwhile Promoters’), who no longer hold any equity shares of the Company, cease to be promoters/members of the promoter group of the company.”

Srinivasan’s resignation letter stated, “Consequent to the divestment of my entire shareholdings in The India Cements Limited (‘ICL’), as one of the ‘Promoters’ of ICL with UltraTech Cement Limited (‘Acquirer’) and in terms of the Share Purchase Agreement dated 28.07.2024 entered with the Acquirer, I, N. Srinivasan (DIN: 00116726), hereby tender my resignation as Vice Chairman & Managing Director, Director and Chief Executive Officer (KMP) of The India Cements Limited with immediate effect. I also cease to be the Promoter of The India Cements Limited with immediate effect.”

The CCI approved the acquisition by UltraTech Cement of a 32.72 per cent stake in The India Cements Limited from its promoters and promoter group last Friday. The regulator also sanctioned UltraTech to acquire up to an additional 26 per cent of India Cements’ equity through an open offer.

UltraTech Cement is a publicly listed company involved in manufacturing and selling grey cement, white cement, ready-mix concrete, clinker, and building products in India, as well as providing building solutions. It is a subsidiary of Grasim Industries Limited, another publicly listed entity.