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New Delhi, Aug 7

SICPA India Ltd announced that its Vice-Chairman, Mr Sudhir Jalan, has sold his interests in the company and that SICPA has acquired the entire shareholding of the Sudhir Jalan Group.

Confirming the development, Mr Jalan, who has been with the group for the past 15 years, said that he did not wish to make any comment. He is poised to take over as Chairman of the Indian operations of Swiss multinational textile machinery major, Rieter, when it makes it entry into the country in a few months. Mr Jalan would also be Rieter’s joint venture partner in India. The company had told Business Line earlier that it was looking at investing $50 million over the next five years to set up textile machinery manufacturing capacities in the country.

– Our Bureau

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