N. Srinivasan Resigns as CEO of India Cements Following UltraTech Acquisition

N. Srinivasan, CEO and MD of India Cements resigned following the company's acquisition by UltraTech Cement, part of the Aditya Birla Group.

The resignation comes after Srinivasan divested his entire shareholding in India Cements, ceasing to be a promoter of the company.

In his resignation letter, Srinivasan thanked his colleagues and wished the new management success.

UltraTech Cement's acquisition of India Cements was approved by the Competition Commission of India (CCI) on December 20.

India Cements, struggling financially, has been involved in major projects like the Pamban Bridge and IIT Madras over its 75-year history.