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India Cement makes top management change following acquisition by Ultra Tech
In one of the major realignments of roles at India Cement, R. Parthasarathy, erstwhile Chief Marketing Officer, has now been appointed as Head – Integration (Sales & Marketing).
UltraTech Cement acquired majority stake in India Cements, last year.
India Cements, which recently got acquired by UltraTech Cement, has announced change in its top management across its marketing and HR functions, via board meeting held on January 3.
The company informed the BSE in exchange filings,"...this is to inform you that the Board of Directors have passed the requisite resolution on 03.01.2025 approving the recommendation of the Nomination and Remuneration Committee for the appointment of the following officials as Senior Management Personnel of the Company with effect from January 1, 2025."
R. Parthasarathy, erstwhile Chief Marketing Officer, has been designated as Head of Integration (Sales and Marketing).
Parthasarathy brings experience from previous roles at RAK Ceramics, Asian Paints and Roca bathroom products ltd ( earlier Parryware Roca). He is an Indian Institute of Management, Calcutta graduate and had joined The Indian Cements in August 2021.
Rajesh Sankar has been appointed as the Head- Integration (Manufacturing). Sankar a Chemical Engineer by qualification and done his Master’s in Engineering – Environmental Science with diverse experience in manufacturing domain.
Prakash Pattanshetty has been realigned as the Head- Sales and Marketing. He is a Civil Engineer and a Post Graduate in Sales and Marketing with over three decades of experience in marketing.
G. Ramesh will now be the Vice President- Personnel and Ravikrishna Iyer has been made Group Head- Human Resources.
On July 28 2024, the Aditya Birla-owned Ultratech Cement announced it will be purchasing a 32.72% stake in India Cements for Rs 3,954 crore at a price of Rs 390 per share. The offer was in addition to a 22.7 per cent stake UltraTech Cement had bought in India Cements in June. The overall shareholding of UltraTech Cement in India Cements has gone up to 55.49 per cent after its latest acquisition.
UltraTech Cement then sought the antitrust regulator, Competition Commission of India’s (CCI), approval for acquisition of India Cements on the grounds that the company was incurring huge losses and the buyout would potentially save a ‘failing firm’.
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