India Cements’ Srinivasan exits co after Birla takeover – Newz9

CHENNAI: N Srinivasan (80) resigned because the vice-chairman & MD of India Cements on Wednesday, a day after the corporate grew to become a subsidiary of UltraTech following the Aditya Birla Group firm’s acquisition. He additionally ceases to be the CEO. His daughter Rupa Gurunath and spouse Chitra Srinivasan additionally tendered their resignations as wholetime director and non-unbiased director, respectively.
This has introduced the curtains down for the 50-12 months-lengthy affiliation of Srinivasan with India Cements, which was co-founded by his father TS Narayanaswami, a 12 months earlier than independence in 1946. Another co-founder was SNN Sankaralinga Iyer.
In their an identical resignation letters, Srinivasan and his members of the family thanked the staff and conveyed greetings for the brand new administration. Joining India Cements quickly after the demise of his father in 1968, Srinivasan was ousted from the board in 1979 on the peak of his struggle with co-promoters. However, he made a comeback and took over as its managing director in Sept 1989. The firm grew from two vegetation with a capability of 1.3 million tonnes every year (MTPA) in 1989 to 10 cement vegetation unfold throughout Tamil Nadu, Telangana, Andhra Pradesh. , and Rajasthan with a capability of 15.5 MTPA. It additionally noticed a 5-fold bounce in turnover from Rs 1,033 crore in 2002-03 to a turnover of Rs 5,112 crore in FY24 underneath his management.
However, one of many largest cement producers in south India, the corporate has been going through monetary points in current quarters. In July this 12 months, India’s largest constructing supplies maker, Birla struck a cope with Srinivasan and his household to amass their cement enterprise for Rs 3,954 crore.