Vishakha Mulye has been appointed as the Managing Director & CEO of India's largest private equity fund CICI Venture Funds Management Company Ltd (ICICI Venture). The board of the PE fund approved the appointment on Monday, which will be effective April 21, 2009. Mulye replaces Renuka Ramnath, who resigned from the post today. Ramnath headed the fund close to a decade. VCCircle first reported about Mulye being the frontrunner for the job as the buzz of Ramnath quitting hit the PE circuit last week.
Mulye has been Executive Director of ICICI Lombard General Insurance Company, India's largest private sector general insurer, since October 2007. From 2005 to 2007, she was the Chief Financial Officer of ICICI Bank Ltd. She joined the ICICI Group in 1993 and has experience in the areas of strategy, treasury & markets, proprietary equity investing and management of long-term equity investments, structured finance and corporate & project finance.
ICICI Venture is one of the largest and private equity firms in India with funds under management in excess of $2 billion. ICICI Venture has investment across sectors including pharmaceuticals, information technology, media, manufacturing, logistics, textiles, and real estate.
Ramnath's exit had been speculated for the past few months ever since ICICI Bank announced Chanda Kochhar as new MD& CEO for the bank who will take over from KV Kamath in May.
The bank also lost another senior executive today. Shikha Sharma has been appointed as the new MD & CEO of Axis Bank. She replaces PJ Nayak.