In an address to the employees of India Cements, N Srinivasan, the company's Managing Director, said that he and other promoter group members decided to sell their stake in the company to UltraTech Cement due to cost pressures, price wars, and the inability to sell certain land parcels, which added additional pressure on the company, sources told Moneycontrol.
"We had taken all steps to reduce our cost and we were also relying on an investor to purchase a significant amount of land we own, which would have alleviated many problems. But that did not happen, and therefore, we reverted to the solution we had considered earlier, which is selling the company," Srinivasan said in his address to employees.
In his address, he also spoke about the decades-long history of India Cements, including the contributions of the company's founder, S.N.N. Sankaralinga Iyer, and his efforts in securing limestone mining licenses for the company.
Srinivasan also assured employees that it would be business as usual for them despite the impending change in ownership to UltraTech, which is part of billionaire Kumar Mangalam Birla led Aditya Birla group.
"The change from India Cements to UltraTech does not mean a change in your career, because I have been personally assured they (Aditya Birla group) are going to follow the same policies that we have implemented so far. There will be space for everybody, and good workers will be rewarded. There is no need, in my assessment, for anyone working for India Cements to feel threatened or insecure about the future,” he said. “The future is good”. So, remove any doubts from your mind," Srinivasan continued, urging employees to work with "full vigor."
Srinivasan also highlighted that the transition to UltraTech would bring new opportunities and growth for the employees. He emphasized that UltraTech's resources and market presence would provide a more robust platform for India Cements' continued success.
He concluded by expressing his gratitude to the employees for their dedication and hard work over the years. "Your commitment has been the backbone of this company. As we move forward with this new chapter, I am confident that together, we will achieve greater heights," he said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
