TryGOLD- Free

High cost, price war led to sale of India Cements: Srinivasan to staff
Business Standard|July 30, 2024
Long before the news of Kumar Mangalam Birla-controlled UltraTech Cement acquiring India Cements hit the media, its managing director, Narayanaswami Srinivasan, delivered a poignant farewell speech to the company's employees on Sunday morning.
- SHINE JACOB
High cost, price war led to sale of India Cements: Srinivasan to staff

His voice, heavy with emotion and the weight of five and a half decades in the cement industry, resonated with the sense of an era drawing to a close.

He attributed the company's sale to a confluence of adversities: The relentless price war waged by competitors that "can crush" India Cements, and the firm's inability to liquidate its land holdings to navigate through a financial crisis. The sale, he admitted, was a last resort.

Addressing an audience of select 300 employees, the 79-year-old industry veteran was probably bidding adieu to a long career punctuated by both triumphs and tribulations. Yet, even as the chapter closed on his tenure, he sought to reassure his audience—there is "no need for anybody in India Cements to feel insecure or threatened".

"I am going to leave India Cements," he declared. "The reason is that our competitors can crush us with lower prices. With a slightly higher cost of production, we had taken all steps to reduce our costs."

India Cements' story is deeply entwined with the post-Independence industrial fabric of India.

This story is from the July 30, 2024 edition of Business Standard.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the July 30, 2024 edition of Business Standard.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM BUSINESS STANDARDView All
Business Standard

Laxmi Dental gains over 28% on debut

The stock of Laxmi Dental posted a value jump of nearly 30 per cent during its trading debut on Monday.

time-read
1 min  |
January 21, 2025
Hedge fund managers keep nearly half of profit as fees
Business Standard

Hedge fund managers keep nearly half of profit as fees

Hedge funds have long been regarded as notoriously expensive. New research reveals just how costly they truly are for their clients.

time-read
2 mins  |
January 21, 2025
NCLT orders liquidation of Go First
Business Standard

NCLT orders liquidation of Go First

The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of low-cost carrier Go First on the request of its Committee of Creditors (CoC), thus bringing an end to the 20-month-long insolvency proceedings.

time-read
2 mins  |
January 21, 2025
Business Standard

The automotive frontier

India needs investment in the EV segment

time-read
2 mins  |
January 21, 2025
Anatomy of a regulator
Business Standard

Anatomy of a regulator

Regulatory bodies are important institutions in a market economy, requiring careful handling

time-read
4 mins  |
January 21, 2025
Joining the dots on infrastructure
Business Standard

Joining the dots on infrastructure

Pratap Padode is a financial journalist and publisher of Construction Update, a magazine launched in 1996, followed by Infrastructure Today, Power Today and Project Reporter.

time-read
3 mins  |
January 21, 2025
The need of the hour is a 'Dream Budget'
Business Standard

The need of the hour is a 'Dream Budget'

In less than two weeks, the finance minister will present the Union Budget for 2025-26.

time-read
3 mins  |
January 21, 2025
Business Standard

Focus on Davos

States must improve ease of doing business

time-read
2 mins  |
January 21, 2025
Clarity needed on Rodtep scheme extension for EOU/SEZ/AA exports
Business Standard

Clarity needed on Rodtep scheme extension for EOU/SEZ/AA exports

We had supplied our manufactured goods to a merchant exporter on payment of 0.1 per cent IGST under the notification 41/2017-IT(Rate) dated 13th October 2017.

time-read
2 mins  |
January 21, 2025
'Lodha' brand triggers tussle amid brothers
Business Standard

'Lodha' brand triggers tussle amid brothers

Abhishek Lodha has approached the Bombay HC seeking to stop Abhinandan from using the name

time-read
1 min  |
January 21, 2025

We use cookies to provide and improve our services. By using our site, you consent to cookies. Learn more