Srinivasan stressed that this transition will not have any impact on their careers. He said he had personally spoken to the chairman of the Birla group and received confirmation of the continuity of the policy.
“There will be room for everyone, no witch hunts, and good workers will be rewarded. No one needs to feel threatened or insecure about their future,” he said.
Srinivasan said the outlook remains as strong as it was during his tenure.
He asked the employees of India Cements to clear any doubts they may have as they are the core of the cement business.
“You should be happy, the economic climate is happy and the management is happy. There is no reason for you to have doubts, I wish you all the best and I miss you,” he said.
In a significant move, the board of directors of UltraTech Cement on July 28 approved the purchase of 32.72% stake in India Cements from the promoters and their associates.
UltraTech will buy N Srinivasan’s 28.42% stake in India Cements, taking its stake to 51%.
The acquisition of a total of 32.72% of the capital of ₹390 per share is valued at ₹3,954 crores.
UltraTech has announced an open offer for a 26% stake in India Cements at ₹390 per share.
The principal acquisition and public offering are expected to be completed within six months.
This decision follows UltraTech’s investment in June 2024, where it acquired a 22.77% stake in ₹268 per share.
CNBC-TV18 was the first to break the story.
Shares of UltraTech Cement Ltd. were trading up 1.10% at ₹11,801.45, while India Cements shares were up 0.80% at ₹377.05.
cnbctv18-forexlive
