N Srinivasan, a prominent industrialist and former cricket administrator, has stepped down as Vice Chairman and Managing Director of India Cements Ltd, a company with a market capitalization of Rs 11,581 crore. His resignation follows the completion of a Rs 7,000-crore acquisition deal between India Cements and UltraTech Cement, part of the Aditya Birla Group. Alongside Srinivasan, other key promoters of the Chennai-based cement maker have also relinquished their positions.
Srinivasan, owner of the Chennai Super Kings (CSK) and a key figure in Indian cricket, had once spoken about the unique connection he shares with MS Dhoni, the iconic captain of his franchise. Srinivasan elaborated on why CSK has remained steadfastly loyal to Dhoni, even as the former Indian skipper retired from international cricket and moved beyond his prime years.
Dhoni has been associated with CSK since the franchise’s inception in 2008, becoming a legend in Chennai and across the cricketing world for his achievements in the Indian Premier League (IPL). Under his leadership, CSK has claimed five IPL titles, cementing its reputation as one of the most successful teams in the tournament’s history.
Sharing insights about Dhoni’s dedication, Srinivasan said, “For your information, MS Dhoni is in Chennai. He takes his cricket very seriously. He’s practicing in the indoor nets in the mornings and training at Chepauk in the afternoons. He’s a very determined individual, and that’s what we admire about him.”
Srinivasan also highlighted the values that underpin the franchise’s philosophy. “Cricket is about winning, and IPL is about winning. But beyond that, it’s also about consistency and loyalty. That is something that defines us as a franchise. These qualities are embodied in Dhoni and in our approach to the game,” he explained.
The bond between Srinivasan and Dhoni, as well as CSK’s commitment to the game, has played a pivotal role in shaping the franchise’s enduring legacy.
Kumar Mangalam Birla promoted UltraTech Cement has acquired 10.13 crore equity shares of India Cements, amounting to a 32.72% stake in the company. Last week, the Competition Commission of India (CCI) approved the deal, which includes provisions for UltraTech to increase its stake further by acquiring up to 26% of India Cements’ equity through an open offer.
N Srinivasan, also known as Narayanaswami Srinivasan, has been a significant figure in both the business and sports worlds. With over five decades of experience in the industry, he has steered India Cements through various mergers and acquisitions. A graduate in B.Sc. (Tech) from Madras University and a postgraduate in Chemical Engineering from the Illinois Institute of Technology, USA, Srinivasan has also held leadership roles in industry associations and chambers of commerce.
Srinivasan’s tenure at India Cements coincided with his influential roles in cricket administration. He served as President of both the Board of Control for Cricket in India (BCCI) and the International Cricket Council (ICC).
According to reports, Srinivasan has a personal net worth of approximately Rs 720 crore. He is married to Chitra Srinivasan, and the couple has two children: Rupa Gurunath Meiyappan and Ashwin Srinivasan.
This acquisition marks a significant milestone for UltraTech Cement, further consolidating its position as a leading player in India’s cement industry.
