Ambuja Cements CEO to step down

The cement major's MD and CEO Ajay Kapur has decided to resign from his post. The board has approved the resignation. Also, the company has announced a capacity expansion plan for its facility in Rajasthan.

Kapur will exit on March 1, 2019, the company's board will announce a successor in due course, said a company's filing to the exchange on Wednesday.

Ambuja Cements is part of the global conglomerate LafargeHolcim, a global leader in the building materials industry.

The stock had seen a 2 per cent uptick following the announcement of a capacity addition plan worth Rs. 960 crore, also on Wednesday. The stock closed at Rs. 216.30 per share, up by 1.84 per cent.

This capacity expansion is in addition to the Rs. 1,390 crore investment for the first phase of the greenfield clinkerisation with an annual capacity of 1.71 million tonnes (MT) at Marwar Mundwa in the State of Rajasthan. The additional annual clinker capacity of 1.4 MT will take the total clinker capacity of the plant to 3.1 MT, including a cement grinding capacity of 1.8 MT and a captive power and waste heat recovery system. This will take the total investment for this facility to Rs .2,350 crore.

The projects will be funded through internal accruals.