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Chaukar is new MD of TIL

On the very day Tata Industries Limited announced its decision to withdraw its airline project, the company announced the appointment of its new managing director, Kishore A Chaukar, formerly MD of ICICI Securities and Finance Company Limited.

TIL, the main promoter of new projects in the Tata group, has been headed so far by its chairman Ratan Tata. This is the first time that the company will have a managing director.

While a Tata media statement said Chaukar would bring to TIL ''considerable experience in project evaluation and project finance'', I-Sec termed Chaukar's shift as a ''career move''.

Chaukar himself said his switch from I-Sec to TIL arised out of his desire to move on from finance sector to projects, ''an area of real action and excitement''. He is expected to be in charge of project implementation and will assume office in a month. Chaukar -- an alumnus of the India Institute of Management, Ahmedabad -- put in 14 years in the finance sector. It is not yet know who will succeed him at I-Sec.