Cholamandalam Investment and Finance Co. Ltd. (Chola), a Murugappa Group firm, has named Mr. Vellayan Subbiah as the Chairman in the place of Mr. M.M. Murugappan, who stepped down on reaching the retirement age. On November 11, the Board appointed Mr. Vellayan Subbiah as an Additional Director of the company.
Mr. Subbiah was the Managing Director of the company from August 19, 2010 to August 18, 2017. He is the MD of Tube Investments of India Ltd. (TII) since August 2018. He is on the Board of various companies, including Shanthi Gears Ltd.
Incorporated in 1978, Chola is the financial services arm of the Murugappa Group. It commenced business as an equipment financing company and has today emerged as a comprehensive financial services provider offering vehicle finance, home loans, home equity loans, SME loans, investment advisory services, stock broking and a variety of other financial services to customers.