After completing the acquisition of Ambuja Cements Ltd and ACC Ltd, billionaire Gautam Adani has been appointed as chairman on Ambuja Cements' board.
His elder son Karan Adani was appointed as the chairman and non-executive non-independent director of ACC Ltd. Karan will also be a non-executive director at Ambuja Cements.
Vinay Prakash and Arun Kumar Anand were appointed as non-executive non-independent directors at ACC. Meanwhile, Sandeep Singhi, Nitin Shukla and Rajeev Agarwal were named as independent directors.
Sridhar Balakrishnan has been redesignated as whole-time director and chief executive officer from managing director and CEO earlier.
Today is a historic day. Privileged to bring home @AmbujaCementACL & @ACCLimited. Acquisition of TWO iconic brands makes us India's 2nd largest cement manufacturer. Fantastic Team. Fantastic Platform. Fantastic Adjacency. We will double our capacity in the next 5 years. Jai Hind. pic.twitter.com/bftYhPllAV
The acquisition of the two cement firms is the largest-ever buyout in the infrastructure and materials sector so far in the country and also the biggest acquisition by Adani, making it the country's second-largest cement player.
Ajay Kapur has been appointed as whole-time direct and CEO of Ambuja Cements. Vinod Bahety was named as chief financial officer of ACC and Ambuja Cements.
MR Kumar has been appointed as the non-executive non-independent director, representing Life Insurance Corporation.
Maheswar Sahu, Rajnish Kumar, Ameet Desai, and Purvi Sheth were named as the independent directors.
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