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Ambuja Cements appoints key senior management personnel's

28-Mar-25 14:50 Hrs IST

The company's board has appointed Rakesh Tiwary as the chief financial officer (CFO) of the company, effective from 1 April 2024.

Rakesh Tiwary is a qualified chartered accountant, cost accountant, company secretary, and MBA with around 25 years of experience. Prior to joining the Adani Group, Tiwary worked with various reputed companies like Indian Oil, Reliance Industries, and JSW Steel. Rakesh joined the Adani Group in February 2016. From 2016 to 2022, Rakesh served as the CFO of Mundra Solar Photovoltaic (Adani Solar) and Adani Electricity Mumbai. In April 2022, Rakesh transitioned to the role of Head of Financial Management and Control for the Airports Business and later became the CFO of the Airports Business.

Rakesh has over two decades of experience in spearheading a wide spectrum of accounts and finance. His expertise lies in the finance, accounting, and commercial functions of business; fundraising management; working capital assessment; credit control; taxation; and audit.

The company's board of directors appointed Ajay Kapur as a whole-time director and chief executive officer (WTD and CEO) of the company from 16 September 2022 to 30 November 2025. He has been elevated, reappointed, and re-designated as managing director of the company (key managerial personnel) for 2 years, effective from 1 April 2025.

Ajay Kapur possesses over 30 years of expertise in the cement, construction, power, and heavy metals sectors. Ajay holds an MBA from the K.J. Somaiya Institute of Management and a degree in economics. Additionally, he is an alumnus of the Wharton School of the University of Pennsylvania.

Meanwhile, the company's board of directors appointed Vinod Bahety as whole-time director (WTD) and Chief Executive Officer (CEO), effective from 1 April 2025. His cessation as CFO will be effective from the close of business hours on 31 March 2025.

Vinod Bahety has more than 25 years of corporate experience in various leadership positions in the manufacturing and finance industries. Prior to joining as the CFO of the cement business, he served as the group head for mergers & acquisitions at the Adani Group.

Vinod played a crucial role in several major M&A mandates for the group. During his tenure in the banking industry, he successfully led some of the largest mandates in infrastructure project financing, contributing significantly to nation-building. He holds qualifications as a Chartered Accountant (CA) and a Cost and Works Accountant (CWA).

Ambuja Cements is a major cement-producing company in India. The principal activity of the company is to manufacture and market cement and clinker for both domestic and export markets.

The cement major's consolidated net profit zoomed 140.21% to Rs 2,620.09 crore in Q3 FY25 as against Rs 1,090.73 crore recorded in Q3 FY24. Revenue from operations rose 4.50% YoY to Rs 8,415.31 crore in the quarter ended 31 December 2024.

Shares of Ambuja Cements shed 0.40% to Rs540.90 on the BSE.