Ambuja Cements , a prominent player in the Indian cement industry, has announced a significant change in its top management. The company disclosed that Rakesh Tiwary, the current Chief Financial Officer (CFO), will be stepping down from his position effective November 21, 2025. This move is part of an ongoing leadership development process across the Adani Group, of which Ambuja Cements is a part.

Leadership Transition Details

Rakesh Tiwary will be transitioning to a new role within the Adani portfolio of companies, leveraging his experience and expertise in a different capacity within the group. The exact nature of his new role has not been disclosed in the announcement.

New CFO Profile

Rohit Soni, who will assume the role of CFO at Ambuja Cements, brings a wealth of experience to the position. Prior to this appointment, Soni served as the Chief Financial Officer of Adani New Industries Limited (ANIL). His professional background includes:

• Chartered Accountant and alumnus of Harvard Business School's General Management Program
• CFO at Adani New Industries Limited (ANIL) since March 2024
• Led financial strategy for green hydrogen and renewable energy initiatives
• Previously held the position of CFO at Adani Energy Solutions Limited (AESL) from September 2021 to March 2024
• Extensive experience in raising equity funds and managing finances for large-scale infrastructure projects
• Held leadership positions with the Vedanta Group, including roles as Chief Procurement Officer and CFO for various Vedanta companies
• Recognized with the ET Great Manager (Senior Leader) award by Economic Times and TAPMI in November 2019

Implications and Outlook

This change in financial leadership comes at a time when the cement industry is facing various challenges and opportunities. Rohit Soni's extensive experience in financial strategy, particularly in the renewable energy sector, could potentially bring new perspectives to Ambuja Cements' financial management and strategic planning.

The smooth transition in the CFO role, with a clear succession plan, demonstrates Ambuja Cements' commitment to maintaining strong financial leadership. It also reflects the Adani Group's focus on leadership development and internal talent mobility across its portfolio companies.

Investors and industry observers will likely be watching closely to see how this change in financial leadership might influence Ambuja Cements' strategic direction and financial performance in the coming years.

Corporate Governance Update

In line with regulatory requirements, Ambuja Cements has also updated its list of Key Managerial Personnel (KMP) authorized to determine the materiality of events or information and make disclosures to stock exchanges:

This update ensures compliance with Regulation 30(5) of the SEBI Listing Regulations and maintains transparency in the company's communication with stakeholders.

As Ambuja Cements navigates this transition, the market will be keen to observe how the new CFO's expertise will contribute to the company's financial strategies and overall performance in the competitive cement industry.

In a series of significant developments for Ambuja Cements , the company has received shareholder approval for material related party transactions and its merger with Sanghi Industries, marking important milestones in the Indian cement industry.

Material Related Party Transactions Approval

Ambuja Cements Limited shareholders approved two ordinary resolutions through postal ballot voting conducted from October 31 to November 29, relating to material related party transactions with Penna Cement Industries Limited. The first resolution received 99.99% approval while the second resolution between ACC Limited and Penna Cement Industries Limited received 97.32% approval from shareholders.

Sanghi Industries Merger Approval

Ambuja Cements equity shareholders approved the Scheme of Arrangement between Sanghi Industries Limited and the company at an NCLT-convened meeting. The resolution passed with requisite statutory majority, with 223.67 crore votes (90.49% of polled votes) cast in favor and only 3,798 votes against the proposal.

Penna Cement Amalgamation

The National Company Law Tribunal (NCLT) has given its approval for the amalgamation scheme between Penna Cement Industries and Ambuja Cements, further reshaping the market landscape.

Key Details of the Penna Cement Merger

Implications and Next Steps

The NCLT has directed a meeting of equity shareholders to be convened on December 30, at 11:00 a.m. IST via video conference. This meeting aims to consider and approve the arrangement embodied in the merger scheme, with or without modifications.

Ambuja Cements, in its disclosure to the stock exchanges, mentioned that it had received the NCLT order on October 31, which was initially communicated to shareholders on November 2. The company has also noted that a corrigendum to this order has been issued, which should be read in conjunction with the original order.

Transparency and Compliance

In line with regulatory requirements, Ambuja Cements has stated that all relevant documents, including the NCLT order and its corrigendum, will be made available on the company's official website ( www.ambujacement.com ). This move ensures transparency and allows shareholders and other interested parties to access crucial information regarding the merger.

The amalgamation, once approved by shareholders and receiving final regulatory clearances, is expected to strengthen Ambuja Cements' market position. The cash consideration for Penna Cement shareholders suggests a strategy to streamline ownership and potentially realize synergies between the two entities.

As the cement industry in India continues to evolve, these mergers could signal a trend towards consolidation, with larger players seeking to enhance their market presence and operational efficiencies.