You can take finance out of Anil Singhvi but not cement. The long-time-CFO-turned-CEO of Gujarat Ambuja Cements had joined as a Partner at the European asset management firm Notz Stucki Group last year. The man has reportedly quit the investment firm and is joining Reliance-Anil Dhirubhai Group to spearhead their cement venture.
Singhvi is joining as vice chairman of Reliance Natural Resources (RNRL), which is venturing into cement business. Reliance ADAG had last year announced plans to set up four cement plants of 5 million tonnes capacity each with a total investment of Rs 10,000 crore. Madhya Pradesh has been strategically selected as the location for all four units to leverage strengths of ADAG’s Sasan ultra mega power project.
This will be Singhvi’s thirds stint at a cement firm. Singhvi had played a crucial role in the growth of Ambuja Cements where he initially served as head of finance and then later became the MD and CEO. Singhvi joined Ambuja in 1986 and served there for 21 years. Singhvi started as a chartered accountant at Blow Plast in 1982. He left Bow Plast in 1985 to join Century Enka, a job he left in six months to join Ambuja Cements.
Singhvi became one of the highest paid CEOs in the country while he was serving at Ambuja Cements. His job would not be made be made easier by the fact that he would also have to deal with the bitter battle for gas between the two Ambani brothers.