Ambuja Cement’s MD & CEO Ajay Kapur to step down
Ajay Kapur, MD and CEO of Ambuja Cement will be stepping down from his position next year after being associated with the company for 26 years, the company announced on Wednesday.
Informing the stock exchanges, Ambuja Cement said that the board of the company in its meeting on Wednesday accepted Kapur’s resignation who has decided to pursue a career outside the cement industry. Kapur will step down from his current role from March 1, next year.
“It is not an easy decision to leave a company where I have built my career in an “I Can” culture for such a long period,” Kapur said in a release. “Having worked so passionately for so long, I am very positive about the Company’s bright future”. The company will announce Kapur’s successor in due course.
Ambuja Cement has also announced an investment of Rs 960 crore to build additional 1.4 MT clinker capacity at its MarwarMundwa facility in Rajasthan as well as an additional 1.8 MT grinding facility. The investment will also include setting up a captive power plant and waste heat recovery system.
Wednesday’s announcement takes the total investment in the facility since February to Rs 2,350 crore and total clinker capacity to 3.1 MT. In February, the company had said it will be investing Rs 1,390 crore to build a 1.7 MT greenfield capacity at MarwarMundwa.
The investments are to be funded through internal accruals and will take the company’s total capacity to 31.5 MT.