Ambuja Cements appoints Vinod Bahety as CEO, reassigns Ajay Kapur as MD

Ambuja Cements, part of Adani Group, in a top-level rejig, has appointed Vinod Bahety as its new CEO and designated the incumbent Ajay Kapur as the managing director.

The board of Ambuja Cements has approved the "Appointment of Vinod Bahety as Additional Director and Whole-time Director and Chief Executive Officer of the Company for a term of three years", the company said in a regulatory filing.

Besides, Ambuja Cements, the second largest cement producer in the country, has also announced the appointment of Rakesh Tiwary as Chief Financial Officer of the company.

The board also approved the appointment of Praveen Garg as a Non-Executive Independent director on the Board of the Company for three years.

 

All these changes are going to be effective from April 1, 2025, the filing said.

Meanwhile, ACC, a step-down subsidiary of Ambuja Cement, also informed the cessation of Ajay Kapur as its whole-time director and CEO.

The board of ACC also approved the appointment of Vinod Bahety as Additional Director and whole-time director and CEO of the company for three years from April 1, 2025.

Bahety is currently the Chief Financial Officer of Cement business since September 16, 2022.

He has more than 25 years of experience in various leadership positions in the manufacturing and finance industries. Prior to joining as the CFO of Cement business, he served as the Group Head for Merger & Acquisition at Adani Group.

Adani Group competes with Aditya Birla group firm UltraTech, which is the leading player into the cement sector. It aims to have a manufacturing capacity of 140 million tonnes per annum (MTPA) by FY28.

Billionaire Gautam Adani-led Adani Group entered into the cement business in September 2022 after acquiring Ambuja Cement from Swiss firm Holcim for cash proceeds of $6.4 billion (about Rs 51,000 crore).

Since then, it has been snapping up smaller rivals to challenge the Aditya Birla group firm. It has done three major acquisitions -- Penna Industries, Sanghi Industries and recently announced CK Birla group firm Orient Cement. Besides, its subsidiary ACC has also acquired Asian Concretes and Cements.