India Cements Ltd (ICL), now under the umbrella of UltraTech Cement, has ushered in a fresh leadership team. The company has officially appointed Suresh Vasant Patil as Chief Executive Officer (CEO) and Krishnagopal Ladsaria as Chief Financial Officer (CFO), effective from January 1, according to a regulatory filing.
Industry Veterans Take the Helm
Bringing over 35 years of industry expertise, Mr. Patil started his career in 1988 as a Management Trainee at Aditya Birla Group. He currently oversees the Ready-Mix Concrete and Building Products Division at UltraTech. Meanwhile, Mr. Ladsaria transitions into the CFO role after serving as the financial head at Century Enka, another publicly listed entity under the Aditya Birla conglomerate.
UltraTech Cement Strengthens Stake in ICL
The leadership transition follows UltraTech Cement’s recent acquisition of a 32.72% stake in ICL. This move bolstered UltraTech’s total shareholding to 55.49%, factoring in its pre-existing 22.77% stake.
Leadership Shift as N. Srinivasan Steps Down
Following the acquisition, ICL announced on December 25 that N. Srinivasan has stepped down as Vice Chairman, Managing Director, and CEO. This change comes as the company transitions from its previous promoters’ control to UltraTech Cement’s leadership.
With this strategic shift, India Cements Ltd is poised for a new phase of growth, driven by the experience and vision of its new executive team.