Ambuja Cements reassigns Ajay Kapur as MD, appoints finance chief as new CEO
The Hindu
Ambuja Cements appoints new CEO and managing director in strategic move amid industry consolidation and growth opportunities.
Ambuja Cements has re-designated CEO Ajay Kapur as the managing director and named Vinod Bahety as its new chief, the Adani Group company said on Friday, effective April 1.
Mr. Kapur, who has spent three decades working in the cement, construction, power and heavy metals sectors, has been appointed for a two-year term while Mr. Bahety will serve as CEO for three years.
Mr. Bahety has been the finance chief for Ambuja and ACC, both subsidiaries of billionaire Gautam Adani's conglomerate, since September 2022.
The rejig comes as consolidation in India's cement sector intensifies, with Ambuja Cements charting an acquisition spree to rival the Aditya Birla Group-owned UltraTech Cement . The two companies have jostled for market share amid expectations the government will continue to spend heavily on infrastructure.
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