India Cements Ltd (ICL), now a subsidiary of UltraTech Cement, has announced the appointment of new leadership for the company. The board has approved the appointment of Suresh Vasant Patil as CEO and Krishnagopal Ladsaria as CFO, the company said in a regulatory filing. Both of these appointments are with effect from 1 January.
Mr Patil, who joined Aditya Birla Conglomerate as a Management Trainee in 1988, has over 35 years of experience. Currently, he heads the Ready-Mix Concrete and Building Product Division at UltraTech. Mr Ladsaria was previously the chief financial officer at Century Enka, a listed Aditya Birla conglomerate company.
The flagship firm of Aditya Birla group announced last week the completion of the acquisition of 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 later, 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, Mr N Srinivasan has stepped down as vice chairman, MD and CEO.
