Mr Neotia relinquished his position due to personal reasons, the company said in a statement. He will be replaced by vice-chairman NS Sekhsaria from Thursday.
Paul Hugentobler, a director of Ambuja Cement, will be the new vice-chairman. The decision was taken on Wednesday at the company’s board meeting. Ambuja Cements is a part of Holcim, which holds around 46% in the company.
Mr Neotia and Mr Sekhsaria established the company in mid-80s. Since then, they have been serving the company as chairman and vice-chairman, respectively.
