India Cements vice chairman and managing director N Srinivasan has addressed employees following UltraTech Cement's acquisition of a 32.72% equity stake in India Cements from the promoters and their associates.

Srinivasan emphasised that this transition will not impact their careers. He said that he has personally spoken with the Chairman of the Birla Group and received confirmation of policy continuity.

"There will be space for everybody, no witch-hunts, and good workers will be rewarded. There is no need for anybody to feel threatened or insecure about their future," he said.

Srinivasan said that the outlook remains as solid as it was during his tenure.

He asked India Cements employees to remove any doubts that they may have, as they constitute 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 miss you," he said.

In a significant move on July 28, the board of UltraTech Cement had approved the purchase of a 32.72% equity stake in India Cements from the promoters and their associates.

UltraTech will buy N Srinivasan's 28.42% stake in India Cements, which will increase their stake to 51%.

The acquisition of a total of 32.72% equity at ₹390 per share is valued at ₹3,954 crore.

UltraTech has announced an open offer for 26% stake in India Cements at ₹390 per share.

Both the primary acquisition and the open offer are expected to be completed within six months.

This decision follows UltraTech’s investment in June 2024, where it acquired a 22.77% equity stake at ₹268 per share.

CNBC-TV18 was the first to break this story.

Shares of UltraTech Cement Ltd. were trading 1.10% higher at ₹11,801.45, while the India Cements stock was up 0.80% at ₹377.05.

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