N Srinivasan on India Cements

N. Srinivasan, the Vice Chairman and Managing Director of India Cements, has reassured employees that their jobs will not be affected by the company's recent acquisition by UltraTech Cement, which involves a 32.72% stake purchase for Rs 3,954 crore. During a video address, he emphasized that existing policies will remain unchanged and that there will be opportunities for all workers, with no 'witch-hunts' against them. Srinivasan spoke with Kumar Mangalam Birla, Chairman of the Aditya Birla Group, who confirmed that the transition would maintain the same work environment. This acquisition is part of UltraTech's strategy to strengthen its presence in the competitive Southern cement market. Following this, UltraTech plans to make an open offer for an additional 26% stake in India Cements. Srinivasan also reflected on the challenges faced by India Cements, particularly in terms of competitive pricing, as a reason for the sale.