People Moves
Murugappa Group Names New MD For Asset Financing Unit
The
Murugappa Group has named
Vellayan Subbiah as the new managing director of its asset
financing arm
Cholamandalam Investment and Finance Company.
Subbiah, the son of Murugappa's former chairman
MV Subbiah, takes over from the third week of August. He is
presently the managing director of Laserworlds, the firm's
publishing BPO unit. This is the first time he will be steering
one of the group's traditional businesses.
Also newly appointed is MBN Rao, who has been named as the new
chairman of the non-banking financial company. Rao is the former
chairman and MD of Indian Bank and Canara Bank.
Cholamandalam has $3.03 billion in assets under management.
