PUNE, Dec 25: Sulzer India Ltd (SIL) has called an extraordinary general meeting (EGM) following the Swiss parent's decision to hike its stake in SIL to 51 per cent from 40 per cent by purchasing 11 per cent from RPG Enterprises.

The EGM will seek shareholders' permission to alter articles of association of the joint venture to reflect the change in control. Among the alterations are those which change the name of RPG Enterprises' holdings from Austrind to Jubilee Investments and Industries Ltd, controlled by HV Goenka and his family. The changeover of the holdings from RPG Enterprises to Jubilee was effected last year. The private arrangement through which Sulzer has acquired the 11 per cent stake at a higher-than prevailing price will reduce Jubilee's stake to 29 per cent from its earlier 40 per cent. The holding pattern now will be 51:29:20, respectively, representing Sulzer, Jubilee and the public.

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