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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.

India Cements promoter N Srinivasan steps down as UltraTech completes acquisition

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.

Leading cement maker UltraTech has completed the acquisition of promoters a 32.72 per cent stake in India Cements Ltd, following which N Srinivasan and 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.
"This, together with the existing shareholding of 7.05 crore equity shares (22.77 per cent) of the equity share capital of ICL, has resulted in the Company&rsquo;s shareholding increasing to 17.19 crore equity shares representing 55.49 per cent of ICL's equity share capital," UltraTech had informed in a late-night regulatory filing on Tuesday.
Consequently, ICL "has become a subsidiary of the Company" with effect from December 24, 2024, it added.
On Wednesday, 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.
Besides, his daughter Rupa Gurunath, &nbsp;wife Chitra Srinivasan and V M Mohan have also stepped down from the board of the company, according to a regulatory filing by ICL.
Moreover, "pursuant to the consummation of the Transaction on December 24 2024, UltraTech has acquired sole control of the company and has become the promoter of the company in accordance with the LODR Regulations", informed ICL.
Further, the board also recorded the resignation of certain independent directors - &nbsp;S Balasubramanian Adityan, Krishna Srivastava, Lakshmi Aparna Sreekumar and Sandhya Rajan with effect from the end of business hours on December 25, 2024, it added.
The board has also appointed four new directors - K C Jhanwar, Vivek Agrawal, E R Raj Narayanan and Ashok Ramachandran. Besides, three independent directors - Alka Bharucha, Vikas Balia and Sukanya Kripalu - have come on board of ICL.
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.
On July 28, UltraTech Cement announced the acquisition of a 32.72 per cent stake in India Cements Ltd (ICL) from promoters and their associates in a Rs 3,954-crore deal, which will expand its footprint in the highly competitive and fast-growing southern cement market.
Besides, Ultratech has also announced a Rs 3,142.35 crore open offer to acquire 26 per cent share of ICL from its shareholders.
Earlier, in June UltraTech acquired 23 per cent shares of ICL.&nbsp;
It had acquired Damani-group&rsquo;s stake in India Cements Ltd (ICL) through two block deals in a deal which is estimated to be around Rs 1,900 crore.&nbsp;
The Indian cement industry is witnessing consolidation and heightened rivalry between two corporate houses -- Kumar Mangalam Birla-led Aditya Birla Group and Gautam Adani-led Adani Group -- snapping smaller players.
The Adani group has plans in the works to raise its production capacity to 140 MTPA by FY28, just a shade below market leader UltraTech's current capacity of 156.66 MTPA of grey cement.
Adani Cement recently announced the acquisition of CK Birla group firm Orient Cement, through which it will achieve a capacity of 100 MT (million Tones) per annum by the end of FY25 and a gain of 2 per cent in the overall market share in the country.
It has completed the acquisition of Saurashtra-based Sanghi Industries, and Penna Industries and recently announced the acquisition of CK Birla group firm Orient Cement as part of its inorganic growth strategy.
Aditya Birla Group also plans to maintain its lead with 200 MTPA capacity by FY27. UltraTech is also in the process of acquiring Kesoram Industries' cement business and is awaiting regulatory clearance.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

MS Dhoni's decision to resign as CSK captain came as a surprise to many but Chennai Super Kings (CSK) head coach Stephen Fleming already knew MSD's plan on CSK captaincy.
In the post-match press conference, Fleming revealed that he had a chat with MS Dhoni about CSK captaincy last season. However, the timing of stepping down from CSK captaincy was left to Dhoni.
"It has been documented widely to give Jadeja a clean slate going in the IPL. It was communicated to (Mr Srinivasan) through the team," CSK head coach said after facing 6 wickets defeat from Kolkata Knight Riders in IPL 2022 opener.
After steering Chennai to four IPL titles, Dhoni handed over the captaincy to Jadeja just before the start of this year's IPL. However, Jadeja was not up to his mark in the first match as a captain given Dhoni was making important on-field calls against KKR.

IPL 2022: CSK coach Stephen Fleming makes MAJOR revelation about Dhoni's captaincy

'Wanted to give Jadeja a clean slate'

CSK head coach reveals when he had a chat with Dhoni about future Chennai captain. Watch the video for details

MS Dhoni's decision to resign as CSK captain came as a surprise to many but head coach Stephen Fleming already knew about&nbsp;MSD's plans.
In a press conference after the IPL&nbsp;2022 opener against KKR, Fleming revealed that Dhoni&nbsp;had told him about stepping down as captain at the end of the last itself. He also added that the timing of passing of the baton was Dhoni's&nbsp;call.&nbsp;
Fleming further added that&nbsp;Dhoni's decision was communicated to owner N Srinivasan&nbsp;after management decided to hand&nbsp;Jadeja&nbsp;a clean slate as a captain going into this season
After steering Chennai to four IPL titles, Dhoni handed over the captaincy to Jadeja just before the start of this year's IPL.&nbsp;

After facing a six-wicket&nbsp;drubbing from KKR in IPL&nbsp;2022 opener, CSK coach Stephen Fleming reveals that MS Dhoni had a chat with him over future Chennai Super Kings' captain in the last IPL&nbsp;season

MS Dhoni's decision to resign as CSK captain came as a surprise to many but head coach Stephen Fleming already knew about&nbsp;MSD's plans.
In a press conference after the IPL&nbsp;2022 opener against KKR, Fleming revealed that Dhoni&nbsp;had told him about stepping down as captain at the end of the last season itself. He also added that the timing of passing of the baton was Dhoni's&nbsp;call.&nbsp;
"It has been documented widely to give Jadeja a clean slate going in the IPL. It was communicated to (Mr Srinivasan) through the team," CSK head coach said <a href="https://www.editorji.com/sports-news/ipl/ipl-2022-csk-vs-kkr-kolkata-knight-riders-beat-chennai-super-kings-by-6-wkts-1648315930992" target="_blank">after facing 6 wickets defeat from Kolkata Knight Riders</a> in IPL 2022 opener.
After steering Chennai to four IPL titles, Dhoni handed over the captaincy to Jadeja just before the start of this year's IPL.&nbsp;

Rupa Gurunath, daughter of former BCCI chief N Srinivasan has stepped down as the President of Tamil Nadu Cricket Association. 

N Srinivasan's daughter quits as president of Tamil Nadu Cricket Association

Rupa Gurunath who is the director at the India Cements Limited was the first-ever woman to head a state cricket association in India. During her tenure, Tamil Nadu won the Syed Mushtaq Ali Trophy twice in 2020-21 and 2021-22. 

N SRinivasan's daughter quits as president of Tamil Nadu Cricket Association

During Rupa&nbsp;Gurunath's tenure, Tamil Nadu&nbsp;won the Syed&nbsp;Mushtaq&nbsp;Ali Trophy twice in 2020-21 and 2021-22.&nbsp;

Rupa&nbsp;Gurunath, daughter of former BCCI&nbsp;chief N Srinivasan&nbsp;has stepped down as the President of Tamil Nadu&nbsp;Cricket Association. Also Read&nbsp;<a href="https://www.editorji.com/sports-news/cricket/ashes-4th-test-travis-head-tests-positive-to-miss-sydney-test-1640932763331">Ashes 4th Test: Travis Head tests positive, to miss Sydney Test</a>
As per TNCA's&nbsp;secretary RS Ramasamy, Gurunath&nbsp;who took charge as the president in 2019&nbsp;submitted her resignation on December 30th as she wanted more time to focus on business and personal commitments.&nbsp; Gurunath&nbsp;who is the director at the India Cements&nbsp;Limited was the first-ever woman to head a state cricket association in India. During her tenure, Tamil Nadu&nbsp;won the Syed&nbsp;Mushtaq&nbsp;Ali Trophy twice in 2020-21 and 2021-22.&nbsp;
AS per a BCCI&nbsp;report,&nbsp;Gurunath&nbsp;was found to be guilty of a conflict of interest. While Gurunath&nbsp;heads TNCA, she&nbsp;is also the director of ICL&nbsp;which in turn owns Chennai Super Kings. As per the rules, she cannot hold 2 posts and hence had to relinquish the post at TNCA.&nbsp;&nbsp;

Four wins, a stellar comeback and a consistent on-field performance all are aiding Chennai Super Kings (CSK) to be soon throned India's first billion-dollar sports franc

Editorji Exclusive: N Srinivasan unplugged on the billion dollar brand & the ‘King’ of CSK

From the $90 million bid to $1 billion brand N Srinivasan reminds investors of his conviction even in 2008 that CSK one day will overtake the market-value of parent company India Cements.

N Srinivasan unplugged on the billion dollar brand CSK

Chennai Super Kings (CSK) to be soon throned India's first billion-dollar sports franchise?

Four wins, a stellar comeback and a consistent on-field performance all are aiding Chennai Super Kings (CSK) to be soon throned India's first billion-dollar sports franchise.
Editorji speaks to the patriarch of Chennai Cricket N Srinivasan as he opens up like never before on the brand journey and the road ahead with the &lsquo;King&rsquo; of the team MS Dhoni.
Also Read |&nbsp;<a href="https://www.editorji.com/sports-news/ipl/business-of-sports-csk-exclusive-n-srinivasan-unplugged-on-the-billion-dollar-brand-the-king-of-csk-1635832909629">CSK Exclusive N Srinivasan unplugged on the billion dollar brand, the &lsquo;King&rsquo; of CSK</a>
<h3>The big IPL bet: Brand to revenue</h3>
From the $90 million bid to $1 billion brand N Srinivasan reminds investors of his conviction even in 2008 that CSK one day will overtake the market-value of parent company India Cements. Sharing the benefits of the CSK value with India Cements shareholders reiterated the commitment the group has on creating value for all. &ldquo;Value of the only house u have, you won&rsquo;t sell it. We are in for the sport and with more teams coming in it is just getting better&rdquo;. With a soaring media rights kitty (buzz of $5 billion this year) India Cements MD is confident that the revenue model will work even for the new teams with smashing valuations.
<h3>Will CSK list?</h3>
Marquee investors such as LIC and Radhakrishnan Damani have seen their investment CSK shares soar from Rs 15 to over Rs 200 in just a span of 3 years. Many analysts are looking to see if there will be a 'Whistle Podu&rsquo; IPO as the brand and share value are up 20 times since the return from suspension. This is a decision for the board, answers the CSK owner as he defers the listing question without ruling it out.
<h3>MSD: The biggest asset, evaluating the relationship and risk</h3>
With MS Dhoni&nbsp;playing for Chennai Super Kings since 2008, what has led to this long relationship, why does Chennai love its 'Thala'. Will MS Dhoni&nbsp;play another season of the Indian Premier League for the Chennai Super Kings? N Srinivasan&nbsp;has a 'Good&nbsp;News' to share.&nbsp;
Also Read |&nbsp;<a href="https://www.editorji.com/sports-news/ipl/chennai-super-kings-reward-neeraj-chopra-with-1-crore-present-special-jersey-1635682626201">Chennai Super Kings reward Neeraj Chopra with ₹1 crore, present special jersey</a>

The big IPL bet: Brand to revenueFrom the $90 million bid to $1 billion brand N Srinivasan reminds investors of his conviction even in 2008 &nbsp;that CSK one day will overtake the market-value of parent company India Cements. Sharing the benefits of the CSK value with India Cements shareholders reiterated the commitment the group has on creating value to all. &nbsp;&ldquo;Value of the only house u have, you won&rsquo;t sell it. We are in for the sport and with more teams coming in it is just getting better&rdquo;. With soaring media rights kitty (buzz of $5 billion this year) India Cements MD is confident that the revenue model will work even for the new teams with smashing valuations.&nbsp;
CSK: The dark days of suspension&nbsp;'We were sandbagged and took the hit on the chest&rsquo; says N Srinivasan as he candidly talks about the 2-year suspension faced by CSK followinh the Justice Lodha Committee order in 2016-17. The stellar comeback made it evident to onlookers that the attack was personal and did &nbsp;not dent CSK&rsquo;s integrity in fact many would say cemented the fandom as the team in yellow made it&rsquo;s way back to the Chennai Stadiums in 2018.&nbsp;
N Srinivasan on Dhoni: Walk down memory lane and the road ahead&nbsp;With MS Dhoni&nbsp;playing for Chennai Super Kings since 2008, what has led to this long relationship, why does Chennai love it's 'Thala'. Will MS Dhoni&nbsp;play another season of Indian Premier League for the Chennai Super Kings? N Srinivasan&nbsp;has a 'Good&nbsp;News' to share.&nbsp;
Will CSK list?Marquee investors such as LIC and Radhakrishnan Damani have seen their investment CSK shares soar from the Rs 15 to over Rs 200 in just span of 3 years. Many analysts are looking to see if there will be a 'Whistle Podu&rsquo; IPO as the brand and share value are up&nbsp;20 times since the return from suspension.&nbsp;&nbsp;This is a decision for the board, answers the CSK owner as he defers the listing question without ruling it out.&nbsp;

Editorji Exclusive: N Srinivasan unplugged on the billion dollar brand, the ‘King’ of CSK MS Dhoni

Four wins, a stellar comeback and a consistent on-field performance all is aiding  Chennai Super Kings (CSK) to be soon throned India's first billion-dollar sports franchise. Editorji speaks to the patriarch of Chennai Cricket N Srinivasan as he opens up like never before on the brand journey and the road ahead with the ‘King’ of the team MS Dhoni. 

Business of Sports | CSK Exclusive N Srinivasan unplugged on the billion dollar brand, the ‘King’ of CSK

Four wins, a stellar comeback and a&nbsp;consistent on-field performance all is aiding &nbsp;Chennai Super Kings (CSK) to be soon throned India's first billion-dollar sports franchise.

<h3>The big IPL bet: Brand to revenue</h3>
From the $90 million bid to $1 billion brand N Srinivasan reminds investors of his conviction even in 2008 &nbsp;that CSK one day will overtake the market-value of parent company India Cements. Sharing the benefits of the CSK value with India Cements shareholders reiterated the commitment the group has on creating value to all. &nbsp;&ldquo;Value of the only house u have, you won&rsquo;t sell it. We are in for the sport and with more teams coming in it is just getting better&rdquo;. With soaring media rights kitty (buzz of $5 billion this year) India Cements MD is confident that the revenue model will work even for the new teams with smashing valuations.&nbsp;
<h3>CSK: The dark days of suspension&nbsp;</h3>
'We were sandbagged and took the hit on the chest&rsquo; says N Srinivasan as he candidly talks about the 2-year suspension faced by CSK followinh the Justice Lodha Committee order in 2016-17. The stellar comeback made it evident to onlookers that the attack was personal and did &nbsp;not dent CSK&rsquo;s integrity in fact many would say cemented the fandom as the team in yellow made it&rsquo;s way back to the Chennai Stadiums in 2018.&nbsp;
<h3>N Srinivasan on Dhoni: Walk down memory lane and the road ahead&nbsp;</h3>
With MS Dhoni&nbsp;playing for Chennai Super Kings since 2008, what has led to this long relationship, why does Chennai love it's 'Thala'. Will MS Dhoni&nbsp;play another season of Indian Premier League for the Chennai Super Kings? N Srinivasan&nbsp;has a 'Good&nbsp;News' to share.&nbsp;
<h3>Will CSK list?</h3>
Marquee investors such as LIC and Radhakrishnan Damani have seen their investment CSK shares soar from the Rs 15 to over Rs 200 in just span of 3 years. Many analysts are looking to see if there will be a 'Whistle Podu&rsquo; IPO as the brand and share value are up&nbsp;20 times since the return from suspension. This is a decision for the board, answers the CSK owner as he defers the listing question without ruling it out.&nbsp;
Also Read :&nbsp;<a href="https://www.editorji.com/business-news/csk-exclusive-n-srinivasan-unplugged-on-the-billion-dollar-brand-the-king-of-csk-1635842853338">CSK Exclusive | N Srinivasan unplugged on the billion dollar brand &amp; the &lsquo;King&rsquo; of CSK</a>

There is no Chennai Super Kings without MS Dhoni, India Cements Ltd vice-chairman and managing director N Srinivasan confirmed on Monday.

IPL 2021: No CSK without Dhoni, no Dhoni without CSK confirms N Srinivasan after 4th IPL title 

"Dhoni is part and parcel of CSK, Chennai and Tamil Nadu. There is no CSK without Dhoni and there is no Dhoni without CSK"

No CSK without Dhoni, no Dhoni without CSK confirms N Srinivasan after 4th IPL title 

Chennai Super Kings(CSK) won their 4th IPL&nbsp;title as they beat Kolkata&nbsp;Knight Riders(KKR) in the final of IPL&nbsp;2021

There is no Chennai Super Kings without MS Dhoni, India Cements Ltd vice-chairman and managing director N Srinivasan&nbsp;confirmed&nbsp;on Monday as he took the trophy for a ritual to the Lord Venkateswara temple.&nbsp;
Also Read:&nbsp;<a href="https://www.editorji.com/sports-news/ipl/ipl-2021-final-5-reasons-why-chennai-super-kings-won-their-4th-ipl-title-1634376071603">5 reasons why Chennai Super Kings won their 4th IPL title</a>
The former&nbsp;BCCI president added that the relation between the franchise and the iconic cricketer is very strong and he will continue to remain part of the 4-time IPL&nbsp;winning franchise.&nbsp;
"Dhoni is part and parcel of CSK, Chennai and Tamil Nadu. There is no CSK without Dhoni and there is no Dhoni without CSK," said&nbsp;Srinivasan.
The Dhoni-led <a href="https://www.editorji.com/sports-news/cricket/csk-to-use-a-retention-card-for-ms-dhoni-in-ipl-mega-auction-report-1634469101330" target="_blank">Chennai Super Kings</a> beat <a href="https://www.editorji.com/sports-news/cricket/ipl-2021-final-ms-dhoni-s-csk-thrash-kkr-by-27-runs-to-win-its-4th-ipl-title-1634320794252" target="_blank">Kolkata Knight Riders</a> in the final last Friday to lift the IPL title for a fourth time.

N Srinivasan on Raina: my statement taken out of context

Chennai Super Kings owner clarifies his comment on Suresh&nbsp;Raina&nbsp;pulling out of the IPL

Chennai Super Kings owner&nbsp;N Srinivasan&nbsp;has clarified his comments on Suresh&nbsp;Raina&nbsp;pulling out of the IPL&nbsp;and has said that his statement was taken out of context. Speaking to the Times of India, the former BCCI&nbsp;president said that Raina's&nbsp;contribution to CSK&nbsp;is second to none and it is unfortunate that people are trying to put two and two together to drive a wedge. Srinivasan&nbsp;added that Raina&nbsp;is part of the CSK&nbsp;family and the franchise will always stand by him and he has their complete support during these times of distress. Srinivasan had earlier said that Raina&nbsp;will regret his decision to drop out of this year's IPL and would want to come back. Raina&nbsp;flew back to India from UAE&nbsp;citing personal reasons last week.

n srinivasan

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