India Cements under UltraTech Cement may drop V-P Mahendra Singh Dhoni

Firm may gradually phase out CSK Cement, known as Dhoni Cement

Ahead of the mega Indian Premier League (IPL) auctions, five-time champion team Chennai Super Kings (CSK) has retained their iconic player Mahendra Singh Dhoni. However, if sources are to be believed, Dhoni, who is also the vice president (marketing) of India Cements (ICL), may not be retained by the cement entity under UltraTech Cement.

 

Furthermore, the South Indian cement major, currently in a transition phase due to the acquisition of shares from N Srinivasan and other promoter groups by K M Birla-promoted UltraTech Cement, may also gradually phase out Conkrete Super King Cement, popularly known as "CSK Cement" or "Dhoni Cement", among dealers and consumers.

 

"Why will Dhoni be part of a new promoter, when his association was mainly with the IPL team owned by Srinivasan and family," asked a source, who said UltraTech is unlikely to continue with a brand that holds the CSK tag too. Interestingly, no final decision has yet been taken with regard to CSK Cement.

 

Another industry source added, “Dhoni is associated with and will continue with Srinivasan. There will be nothing to do with UltraTech.”

 

Dhoni's association with the group started in 2008 as part of the IPL franchisee, and he was appointed VP (Marketing) for India Cements in 2013, with a monthly salary of around Rs 1.7 lakh. It was only in March 2022 that the company launched two brands, Conkrete Super King (CSK) and Halo Super King (HSK), in a move to cash in on the brand identity of its successful IPL franchisee CSK. The future of HSK under the new management is unclear. The other popular brands of India Cements include Raasi, Sankar, and Coromandel. UltraTech did not respond to questions from Business Standard. A CSK source said that they haven't discussed the matter with Dhoni so far.

 

“From foundations to roofs, Conkrete Super King means strong buildings and homes. It is packed with the power of seven to stand the test of time," Dhoni had said during its launch, as VP (Marketing) of the company.

 

It was in June 2024 that UltraTech announced the decision to acquire about 23 per cent stake in India Cements. A month later, UltraTech entered into a second deal to acquire another 32.72 per cent stake in India Cements from the South entity’s promoters and associates. As per regulations, this is to trigger a mandatory open offer.

 

The second leg of the acquisition and the open offer are under way and subject to approvals, including from the Competition Commission of India (CCI).

 

UltraTech in financial year 2023-24 (FY24) also brought in Bollywood Superstar Shah Rukh Khan as a brand ambassador, and as part of its still running ad-commercial. Khan also promotes his own IPL team Kolkata Knight Riders (KKR).

 

Ahead of the upcoming IPL auctions to be held in Jeddah on November 24 and 25, one of the most talked-about retentions was that of Dhoni by CSK, as it came at a mere Rs 4 crore, aided by the new retention norms. As per the new norms, an Indian player will be defined as “uncapped” if they have not played any international match or had a BCCI central contract in the last five years.