Aditya Birla Group takes over India Cement! Know what was the result

India Cement: India Cement, the firm that dominates the cement business in South India, has now been taken over by Aditya Birla Group led by Kumarmangalam Birla. Along with taking over 32.73 % shares of India Cement for Rs. 7,000 crore, Aditya Birla Group firm UltraTech has additionally began efforts to fully take management of its administration. As quickly as India Cement grew to become a subsidiary of UltraTech on December 24, N Srinivasan, who was as soon as well-known as the Chairman of the Board of Control for Cricket in India, has resigned from the put up of CEO and MD of India Cement. As a part of the deal to step down from the administration of India Cements, Srinivasan’s spouse Chitra Srinivasan, daughter Rupa Gurunath and VM Mohan have additionally resigned from the board.

UltraTech purchased 10.13 crore shares of India Cement

Before the resignation of Srinivasan and his relations, the deal to buy 10 crore 73 lakh shares of India Cement from UltraTech Company was finalized in the starting of December. Under this, some impartial administrators of the firm S Balasubramanian Adityan, Krishna Srivastava, Lakshmi Aparna Srikumar and Sandhya Ranjan have additionally resigned. The board has additionally appointed 4 new administrators KC Jhavad, Vivek Aggarwal, ER Rajnarayan and Ashok Ramachandran. Three new impartial administrators Alka Bharucha, Vikas Walia and Sukanya Kripalu have additionally joined. This data was given to the inventory trade by India Cements on December 25.

CCI has accepted the deal

The Competition Commission of India, the competitors watchdog of the Government of India, has additionally accepted the deal to take over the management of India Cement from UltraTech for seven thousand crores. CCI had earlier given approval to UltraTech handy over 26 % shares of India Cement via open supply. On July 28, it was introduced to accumulate 32.73 % shares of UltraTech’s promoters and different companions for Rs 3,954 crore. With this, Aditya Birla Group has expanded its presence in the massive cement market of South India.

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