After the Competition Commission of India (CCI) approved a Rs 7,000-crore agreement, N. Srinivasan stepped down as India Cements’ CEO on Wednesday.
Through this agreement, UltraTech Cement, a business supported by billionaire Kumar Mangalam Birla, will buy the bulk of India Cements Ltd (ICL).
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ICL stated in a regulatory filing that when the transaction was completed, Srinivasan resigned as vice chairman and managing director, resulting in the existing promoters losing control of the business.
Along with Srinivasan’s departure, V. M. Mohan, his wife Chitra Srinivasan, and daughter Rupa Gurunath also left the company’s board.
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