New Leadership For India Cements, Ultratech Appoints New CEO & CFO

New Delhi: India Cements Ltd, now a subsidiary of UltraTech, has announced the appointment of new leadership for the company, following the exit of its former promoters including N Srinivasan as Managing Director & CEO from the South-based cement maker.

The board of India Cements Ltd (ICL) has approved the appointment of Suresh Vasant Patil as CEO and Krishnagopal Ladsaria as CFO, the company said in a regulatory filing. Both the appointments are with effect from Wednesday, it added. Patil, who joined the Aditya Birla conglomerate as a Management Trainee in 1988, has over 35 years of work experience.

Currently, he heads the Ready-Mix Concrete, and Building Product Division at UltraTech. While Ladsaria, in his immediate previous role, was the Chief Financial Officer at Century Enka, a listed Aditya Birla conglomerate Company.

Last week, the flagship firm of Aditya Birla group announced the completion of the acquisition of the promoters’ 32.72 per cent stake in ICL. Following this, UltraTech’s shareholding increased to 55.49 per cent of ICL’s equity share capital, after clubbing the existing shareholding of 22.77 per cent. A day after that on December 25, ICL informed that pursuant to the completion of the transaction and due to the consequent cessation of control by the existing promoters over the company, N Srinivasan has stepped down as Vice Chairman and Managing Director & CEO.