ITD Cementation names Nitesh Sharma as new CFO amid major board reshuffle following promoter exit
The announcement came during a late-night board meeting on May 28, 2025, and follows the complete exit of Italian Thai Development Public Company Ltd, with Renew Exim DMCC — part of the Adani Group — now taking control of the infrastructure company.
Nitesh Sharma, a seasoned finance professional with over 23 years of experience, joins from Adani Connex Pvt Ltd, where he served as Associate Vice President and Finance Controller. His responsibilities spanned financial reporting, treasury management, project financing, capex, taxation, and strategic planning. Board realignment and key resignations
In addition to the CFO appointment, ITD Cementation's board approved the induction of two new Non-Executive Non-Independent Directors: Dr. Malay Mahadevia has been named Chairman of the company.
Mr. Kattunga Srinivasa Rao has also joined the board in a similar capacity.
Both appointments are subject to shareholder approval. Dr. Mahadevia, associated with the Adani Group since 1992, played a pivotal role in developing Mundra Port and holds a Ph.D. in coastal ecology. Mr. Rao brings three decades of expertise in power and infrastructure projects.
The leadership transition also included the resignation of former Chairman Piyachai Karnasuta and Executive Vice Chairman Santi Jongkongka, both citing the promoter transition as the reason for stepping down. Their exits were effective post the conclusion of the May 28 board meeting.
Outgoing CFO Mr. Prasad Patwardhan will be relieved by May 31, 2025, after submitting his resignation to pursue personal and professional aspirations. Change in Articles of Association
The board has also proposed amendments to the company's Articles of Association, removing references to Italian Thai Development and replacing them with Renew Exim DMCC, subject to shareholder approval.
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