Neotia steps down from chairmanship of Ambuja, Sekhsaria takes over
BS Reporter / Mumbai Sep 23, 2009, 16:42 IST
Suresh Neotia, the chairman of Ambuja Cements, has stepped down from the Board of Directors of the company. He will be replaced by the current vice-chairman Naratam Sekhsaria, effective from 24 September.
In a filing to the Bombay Stock Exchange, the company said that Neotia stepped down due to personal reasons. Neotia served the board as the chairman for over two decades since the cement maker came into existence in mid 80s. Paul Hugentobler will now be the new vice chairman of the company. The decision was taken on Wednesday at the company's board meeting.
Ambuja Cements, formerly known as Gujarat Ambuja Cement, is a part of the Swiss cement giant Holcim which holds around 46 per cent in Ambuja. The company has a pan-India presence with a capacity of close to 19 million tonnes. The company is undergoing expansion plan to add further 6 million tonnes to take its overall cement making capacity to 25 million tonnes in the next 2-3 years.
On the Bombay Stock Exchange, the company's shares last traded on Wednesday at Rs 98.85, down 0.9 per cent.
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