Ambuja Cements MD Ajay Kapur steps down after three decades

Ajay Kapur has stepped down as Managing Director of Ambuja Cements following his superannuation, marking the end of a three-decade-long association with the company and its cement operations.

Kapur relinquished the role with effect from 31 January, the company said, a move first reported by BusinessLine. He joined Ambuja Cements in 1993 and went on to hold several senior leadership positions, playing a central role in the company’s growth and its integration into the Adani Group’s cement portfolio.

During his tenure, Kapur led the cement business of the Adani Group, which includes Ambuja Cements, ACC, Penna Cements, Orient Cements and Sanghi Industries, together accounting for a cumulative market capitalisation of about $15 billion, according to BusinessLine.

Between 2014 and 2019, Kapur served as CEO and Managing Director of Ambuja Cements. He was re-designated as managing director in March last year, while Vinod Bahety was appointed as chief executive officer. Most recently, Kapur was also associated with Adani Ports and Special Economic Zone, where he served as CEO of special projects.

Ambuja Cements said Vinod Bahety (Whole-time Director and CEO), Rohit Soni (Chief Financial Officer) and Manish Mistry (Company Secretary and Compliance Officer) will continue as key managerial personnel, ensuring leadership continuity following Kapur’s exit.

Kapur is widely credited with steering Ambuja Cements’ scale-up to over 100 million tonnes per annum of cement capacity. The company currently has a total installed capacity of 109 million tonnes per annum, making it India’s second-largest cement producer after UltraTech Cement, as reported by BusinessLine.

The leadership transition comes as Adani Cements advances a major consolidation exercise. The group has announced the amalgamation of ACC and other cement businesses into Ambuja Cements and its subsidiaries, creating a unified “One Cement Platform” aimed at operational efficiency and scale.

Ambuja Cements has outlined an aggressive expansion roadmap, targeting 140 million tonnes per annum of capacity by FY28, underscoring that the management change is not expected to alter its growth trajectory.

Kapur has also held senior roles across several industrial companies, including Vedanta Aluminium, Holcim Services South Asia, Talwandi Sabo Power and others, building a reputation as a long-term operator in heavy industry.

With Kapur’s retirement, investors and analysts will closely watch how Ambuja’s leadership team executes the next phase of expansion, particularly as the Adani Group seeks to consolidate its position in India’s increasingly competitive cement market.