End of an Era: Srinivasan and Family Exit India Cements
N. Srinivasan, an iconic figure in the Indian cement industry, stepped down as vice-chairman, managing director, and CEO of India Cements on Wednesday, marking the end of a 50-year-long tenure with the company. His resignation followed the acquisition of India Cements by UltraTech Cement, a subsidiary of the Aditya Birla Group, effectively making it part of India’s largest building materials conglomerate.
In addition to N. Srinivasan’s departure, his family members, including his daughter Rupa Gurunath, who served as a whole-time director, and his wife Chitra Srinivasan, a non-independent director, also resigned from their roles. The family collectively expressed gratitude to employees in their resignation letters and extended their best wishes to the incoming management.
Srinivasan’s Legacy: Growth Amid Challenges
Srinivasan’s association with India Cements, co-founded by his father T.S. Narayanaswami in 1946, began in 1968 after his father’s passing. Despite facing early setbacks, including a brief ousting from the company’s board in 1979, Srinivasan staged a remarkable comeback in 1989, taking over as managing director. Under his leadership, India Cements expanded from two plants with a production capacity of 1.3 million tonnes per annum (MTPA) to a sprawling operation of 10 plants across Tamil Nadu, Telangana, Andhra Pradesh, and Rajasthan, boasting a capacity of 15.5 MTPA.
The company also saw significant financial growth during his tenure, with turnover increasing fivefold from ₹1,033 crore in 2002-03 to ₹5,112 crore in FY24. This period of expansion cemented Srinivasan’s reputation as a stalwart of the industry. However, in recent years, the company faced mounting financial pressures, prompting the eventual sale to the Aditya Birla Group for ₹3,954 crore.
The Road Ahead for India Cements
India Cements’ acquisition by UltraTech marks a new chapter in the company’s history. As one of the largest cement manufacturers in southern India, the integration into the UltraTech portfolio is expected to bring operational synergies and financial stability. With the departure of N. Srinivasan and his family, the company’s reins now lie firmly in the hands of the Aditya Birla Group, signaling a shift in strategy and vision.
The industry will keenly watch how UltraTech leverages India Cements’ legacy and infrastructure to further strengthen its dominance in the cement sector. Meanwhile, Srinivasan’s remarkable journey, spanning five decades, will remain a testament to resilience and visionary leadership in India’s corporate landscape.
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