It is succession time at Siel Ltd, the Siddhrath Shriram group flagship. Siddharth Shriram has stepped down as the chairman and managing director, paving the way for his son Krishna. "I may become the chairman of the company," Krishna Shriram said. However, Siddharth Shriram will continue to serve the company as its president.
At the moment, Krishna is a director on the Siel board. Siddharth Shriram has stepped down from the company's board. Krishna's elevation to the top spot is likely to happen in a couple of weeks. Krishna was co-opted on the board few years back.
A few years back, Krishna had set up a restaurant in south Delhi with some friends. However, he got out of the venture some time back.
Siel is a leading sugar producer of the country. For the quarter ended September 2001, the company had reported a turnover of Rs 118.79 crore and a loss of Rs 3.6 crore.
Siel has three fully-owned subsidiaries -- Siel Industrial Estate Ltd, Transiel Ltd and SFSL Investments Ltd -- and two other subsidiaries: The Jay Engineering Works Ltd in which it holds a 82.74 per cent stake and Siel Financial Services Ltd which is owned 93.56 per cent by Siel.
Apart from the above, Siel has investments in Daikin Shriram Air-conditioning Pvt Ltd and Honda Siel Cars Ltd. While Siel's stake in Daikin Shriram is 20 per cent, its shareholding in Honda Siel Cars is just one per cent.