CHENNAI: Industrialist N Srinivasan, who built diverse ventures spanning cements, sugar, and cricket, is set to exit the financial services business, India Cements Capital, which he entered into by acquiring Aruna Sugar Finance in the 1990s.
Srinivasan and his family have sold a 50.02% stake held in India Cements Capital Ltd (ICCL) through Sri Sharada Logistics to Sandeep Jain, Vikas Garg and Rahul Nagar in an all-cash deal, according to a source aware of the development.
The transaction was formalised through a share purchase agreement in July, with the three new promoters acquiring 1,08,58,186 equity shares of Rs 10 each from Sri Saradha Logistics Pvt Ltd for about Rs 13 crore on
July 24, at a negotiated price of Rs 12 a share. They have also proposed to acquire another 56,43,612 fully paid-up shares, representing a 26% stake in ICCL. “This is awaiting Sebi approval for the changes to take effect. The clearance from the market regulator should come through within 1.5 to two months,” K Suresh, president and CEO, ICCL, told DT Next, confirming the transaction.
The stake sale and exit by promoters are expected to be raised by shareholders at ICCL annual general meeting scheduled on September 15 of this year.
India Cements had entered financial services by acquiring Aruna Sugar Finance, subsequently renamed India Cements Capital. The Srinivasan family held majority control through Sri Saradha Logistics. Ahead of the India Cements-UltraTech deal sealed in 2024, majority ownership of ICCL was transferred from India Cements to Sri Saradha Logistics.
ICCL, with its roots in forex and stockbroking, holds an RBI-authorised dealer licence, a valuable and increasingly scarce asset amid tighter regulation of the forex business. In June 2025, Paterson acquired a 25% stake in ICCL in a strategic move. ICCL's forex dealership licence remains a prized asset, given the difficulty of securing fresh RBI licences.