Mumbai: Ambuja Cements' founding promoter and vice chairman N S Seksaria has stepped in as chairman of the company with the other founding promoter and the current chairman Suresh Neotia's opting to step down from the board to follow personal interests.
Neotia and Sekhsaria started the company in Gujarat in 1983 by setting up their first cement plant with a 0.7-million tonne installed capacity.
In spite of being a new entrant in the industry, they built Ambuja Cements into a major cement manufacturer with over 22 million tonnes of manufacturing capacity and a market capitalisation of over Rs15,200 crore.
Neotia has been conferred the status of chairman emeritus.
Sekhsaria is being succeeded by Paul Hugentobler as the vice chairman of the company, effective 24 September 2009.