Anil Singhvi, former managing director of Ambuja Cements, has joined Anil Ambani’s Reliance Natural Resources (RNRL) as its vice-chairman.
Mr Singhvi, who was working with Notz Stuck as a partner for the past one year after leaving Ambuja Cements, will also help the group set up its cement business.
Mr Singhvi confirmed the development to ET, but declined to share details about the group’s plans in the cement sector. The four-member RNRL board comprises Anil Ambani (chairman) and three directors - SL Rao, JL Bajaj and Bakul Dholakia.
The Ambani group has recently floated Reliance Cement to make a foray into the cement business. The group intends to set up four cement plants of 5 million tonnes capacity each at a total investment of Rs 10,000 crore. It is learnt that the company will set up all the four units in Madhya Pradesh so that they can leverage the strengths of the group’s Sasan ultra mega power project.
Mr Singhvi gradually climbed the ladder during his over two-decades-long stint at Ambuja Cements. Known for his conventional Marwari wisdom (to make money) and a rare analytical mind, he was one of the few CFOs to make it to the post of MD.
Mr Singhvi started his career as a chartered accountant in Blow Plast in 1982, but left the company after three years to join Century Enka, the most profitable Indian company at that time. He left Century Enka after six months to join Ambuja Cements (then Gujarat Ambuja Cements).
Mr Singhvi is well respected in the cement industry. "He knows the industry very well. In fact, he was responsible for establishing Ambuja Cements as a strong cement company. His induction in RNRL will help the Ambani group’s proposed foray into the cement business, said a source.