India Cements Names Suresh Patil as CEO After Promoter Exit
India Cements Ltd (ICL), now a subsidiary of UltraTech Cement, has announced the appointment of new leadership following the exit of its former promoters, including N Srinivasan as Managing Director & CEO. The board of India Cements approved the appointments of Suresh Vasant Patil as the new CEO and Krishnagopal Ladsaria as CFO, effective from December 31, 2024.
Suresh Patil, who has over 35 years of experience, joined the Aditya Birla Group as a Management Trainee in 1988. He currently heads the Ready-Mix Concrete and Building Product Division at UltraTech, part of the Aditya Birla conglomerate. His extensive experience and leadership within the group are expected to guide India Cements into a new phase of growth. Krishnagopal Ladsaria, the new CFO, brings a wealth of financial expertise, having previously served as the Chief Financial Officer at Century Enka, another listed company in the Aditya Birla Group.
The leadership change comes after UltraTech Cement completed the acquisition of a 32.72% stake from the promoters of India Cements, increasing its holding to 55.49%. The acquisition, finalized last week, marked UltraTech’s greater control over ICL, reinforcing its position as the largest cement maker in India. In the aftermath of the transaction, N Srinivasan, along with other key family members including his daughter Rupa Gurunath and wife Chitra Srinivasan, stepped down from their positions on the board. The company also saw the resignation of four independent directors, who were promptly replaced by new independent board members.
UltraTech Cement, which now holds a dominant stake in India Cements, operates a consolidated capacity of 171.11 Million Tonnes Per Annum (MTPA) of grey cement across its 32 integrated manufacturing units, 34 grinding units, and eight bulk packaging terminals. This acquisition strengthens UltraTech’s position in the Indian cement industry, a sector currently witnessing increased consolidation and competition between major players, including the Adani Group.
Adani Cement, led by Gautam Adani, is also expanding its presence in the industry. The group recently completed the acquisition of Sanghi Industries and Penna Industries and announced the purchase of CK Birla Group’s Orient Cement, which will help boost its capacity to 100 MTPA by FY25. This strategy is expected to increase Adani Cement’s market share by 2%.
Meanwhile, UltraTech plans to maintain its lead in the industry, with ambitions to reach 200 MTPA by FY27. The company is also awaiting regulatory clearance for the acquisition of Kesoram Industries' cement business, marking its continued expansion in the highly competitive cement market.