L&T hands over UltraTech management
07 July 2004
Mumbai: L&T yesterday handed over the management of UltraTech to Grasin Industries. "We are looking at more aggressive investments in the cement sector," said Kumar Mangalam Birla, chairman of the Aditya Birla group.
"This means we will in-principle look at all options — brownfield and greenfield ventures — as well as inorganic growth," said Birla.
UltraTech will be listed on the stock exchanges in a few days' time, after the BSE gets certain approvals on the issue from SEBI, he said.
The Board of UltraTech would, apart from Rajshree Birla and Kumar Mangalam Birla, comprise Y.M. Deosthalee and J.P. Nayak from L&T, D.D. Rathi and S Misra from the AV Birla group, two independent directors - R.C. Bhargava and Arun Gandhi, and two nominees from financial institutions.
Misra, has been appointed CEO of UltraTech, and K.C. Birla has been appointed chief financial officer.