India Cements Ltd. (ICL), now operating as a subsidiary of UltraTech, has announced a change of leadership following the exit of its former promoters, including N. Srinivasan, who previously served as Managing Director and CEO.
India Cements Ltd. (ICL), now a subsidiary of UltraTech, has announced key leadership appointments, marking a significant shift in its management. This comes after UltraTech completed the acquisition of a 32.72% promoter stake in ICL, increasing its total shareholding to 55.49%.
The new appointments, effective Wednesday, include:
- Suresh Vasant Patil as Chief Executive Officer (CEO): Patil, with over 35 years of experience, started as a management trainee with the Aditya Birla conglomerate in 1988 and most recently led the Ready-Mix Concrete and Building Product Division at UltraTech.
- Krishnagopal Ladsaria as Chief Financial Officer (CFO): Ladsaria previously served as CFO of Century Enka, another Aditya Birla Group company.
ICL’s integration into UltraTech’s portfolio and the leadership reshuffle highlight Aditya Birla Group’s strategy to leverage synergies and capitalize on growth opportunities in the cement sector. This aligns with the industry’s trajectory toward consolidation, with larger players vying for a competitive edge in capacity and market share.
