Meet man who led Rs 11581 crore company, resigned as MD after…

He steered the company through mergers and acquisitions. He also led BCCI as president.

N Srinivasan has resigned as Vice Chairman and Managing Director of India Cements Ltd, a Rs 11581 crore market cap company. This move comes after leading cement maker UltraTech completed the acquisition of the Chennai-based cement maker in a Rs 7,000-crore deal. Besides Srinivasan, other promoters of the South-based cement maker have stepped down. The Aditya Birla Group firm has completed the acquisition of 10.13 crore equity shares of India Cements Ltd (ICL), representing 32.72 per cent of the equity share capital of the company.

Last week, the Competition Commission of India (CCI) cleared over Rs 7,000-crore deal, wherein billionaire Kumar Mangalam Birla promoted UltraTech Cement had proposed to acquire a majority stake in India Cements Ltd. The fair trade regulator also granted its clearance to UltraTech Cement to acquire up to 26 per cent of the paid-up equity share capital of India Cements by way of an open offer, it added.

Who is N Srinivasan?

N Srinivasan or Narayanaswami Srinivasan is an Indian industrialist and former cricket administrator. He led ICC and BCCI as president. He was vice president and MD of India Cements. He steered the company through mergers and acquisitions. Srinivasan has headed various industry bodies and chambers of commerce.

Srinivasan has more than five decades of experience in the industry. He did his B.Sc. (Tech) from Madras University and Post Graduation in Chemical Engineering from Illinois Institute of Technology, US. According to reports, he has a net worth of around Rs 720 crore. He is married to Chitra Srinivasan and the couple have two children: Rupa Gurunath Meiyappan and Ashwin Srinivasan.

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