The Aditya Birla group has appointed Saurabh Misra as the managing director of UltraTech Cement. The company's board has approved the appointment at its board meeting on October 16. Misra was appointed as the CEO of the cement company after the cement division of L&T was demerged in 2004 to form UltraTech. The company has also inducted NJ Jhaveri as an additional director on the board.
Misra's elevation comes at a time when the company had announced a major capex plan involving Rs 1,424 crore to be spent over the next three years. Of this, Rs 844 crore is towards the installation of captive power plants at its units in Gujarat and Chhatisgarh. The company is also planning to make an additional investment of Rs 1,274 crore towards a 4 mtpa capacity expansion at UltraTech's plant in Andhra Pradesh. This is inclusive of setting up of a 1.30 mtpa split grinding unit and a 46 mw captive thermal power plant.