Deepak Premnarayen was elevated as president of the Indian Merchants' Chambers (IMC) on Tuesday, according to a press statement issued by the Mumbai-based industry body that represents 2,700 member-companies.
He succeeds Dilip G Piramal at the helm of IMC.
Executive chairman and founder of ICS Group that has interests in asset management, real estate, retail, hospitality and financial services, Premnarayen is also on the board of directors of Johannesburg Stock Exchange-listed FirstRand Bank Limited and Noida Toll Bridge Co. Ltd.
His appointment coincides with the IMC choosing to focus on improving India's competitiveness in the current financial year as its theme.
"'Enhancing India's Competiteveness' is the theme that IMC has chosen for the year 2016-17. This year's theme enables us to provide our membership - quality externalities, which shape our business ecosystem. In this task, I look forward to working closely with all the members and taking our interactions with the Government, at the State and Central level to new heights," he was quoted as saying in the statement.