The T V Sundram Iyengar and Sons, (TVS and Sons) the holding company of the $ 6.5 billion TVS Group, today announced the appointment of Suresh Krishna as its Chairman with immediate effect.

Krishna has held various posts in the Group companies. He has also served as President of Confederation of Indian Industry and Automotive Component Manufacturers Association of India, Chennai—based TVS and Sons said in a statement.

Krishna, a recipient of Padma Shri award in 2006, currently serves as Chairman and Managing Director of auto—component firm Sundram Fasteners Ltd.

Meanwhile, the company said it would be applying to Registrar of Companies to convert itself from a public company to a privately limited company.

“The board and the shareholders of TVS and Sons have approved this proposal as the new companies act facilitates the same and this reflects the shareholding structure of the company i.e., family owned,” the statement said.