Leadership Shake-Up: India Cements Ltd Under New UltraTech Helm

India Cements Ltd, now under UltraTech, has revamped its leadership with new appointments following the exit of former promoters including MD N Srinivasan. Suresh Vasant Patil steps in as CEO and Krishnagopal Ladsaria as CFO. This restructuring follows UltraTech's increased stake to 55.49% after acquiring a significant shareholding.

India Cements Ltd, a subsidiary of UltraTech, is undergoing a leadership transformation. The company announced, via a regulatory filing, the appointment of Suresh Vasant Patil as CEO and Krishnagopal Ladsaria as CFO. This follows the departure of N Srinivasan as Managing Director & CEO.

These appointments, effective immediately, align with UltraTech's strategy after raising its stake in India Cements Ltd to 55.49%. Patil, with over 35 years of experience at UltraTech, and Ladsaria, previously CFO at Century Enka, aim to steer the South-based cement giant through a phase of industry consolidation.

The Indian cement market is witnessing fierce competition, particularly between the Aditya Birla Group and the Adani Group, both expanding aggressively. UltraTech, planning further acquisitions, aims to maintain dominance with a projected 200 MTPA capacity by FY27.

(With inputs from agencies.)