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India's Cholamandalam Investment & Finance names chairman

India-based Cholamandalam Investment & Finance Co. Ltd. appointed M.M. Murugappan an additional director and chairman.

Murugappan's appointment as an additional director is effective May 31, while the chairman appointment will take effect July 27. Murugappan will replace M.B.N. Rao who is set to retire following the company's July 26 annual general meeting.

Further, the nonbanking finance company said it will invest up to 500 million rupees in unit Cholamandalam Home Finance Ltd. in one or more tranches.

As of May 31, US$1 was equivalent to 67.45 Indian rupees.