The US-India Business Council, a membership organisation comprising the top 125 US companies investing in India, on Tuesday announced the election of Charles R. ('Chip') Kaye as the chairman of the board of directors of the USIBC.
Kaye is co-president of Warburg Pincus LLC, a leading global private equity firm with substantial investments in India. His tenure as chairman of the US-India Business Council commences June 1, 2005 for three years.
USIBC's current chairman and senior partner worldwide at McKinsey & Co, Rajat Gupta, commented on the appointment, saying: "Chip's hands-on knowledge of India, with successful investments on the ground, brings to the USIBC practical experience shaped by an understanding of India's vast potential."
"He brings valuable leadership to the USIBC at a time when the Indo-US commercial relationship is on a splendid growth trajectory. I am delighted that Chip will lead the USIBC, building on its 30-year history as the premier advocacy organization for US-India commercial ties," Gupta said in a media release.
Kaye has a long-standing relationship with Asia and India. In 1994, he established Warburg Pincus' Asian operations in Hong Kong.
Warburg Pincus identified India as a key investment destination and has invested close to $1 billion in India. Today Warburg Pincus is the largest private equity investor in India, having invested in numerous Indian companies including Bharti Tele-Ventures, Nicholas Piramal, Kotak Mahindra Bank, Max India, Moser Baer, Gujarat Ambuja, Sintex Industries, WNS Global Services and vCustomer among others.
"One of the many elements driving India's growth trajectory is the phenomenal talent among entrepreneurs and in the Indian business community generally," said Kaye.
"It is a privilege to serve as the next chairman of the US-India Business Council at such a historic time in US-India relations and an exciting one from the standpoint of seeing emerging businesses grow into substantial, global players of significant value. I have a deep passion for India and the greatest respect for its people; and I am delighted to be a part of a growing collaboration between these two great countries."
Continuing, Kaye added: "I'd like to thank Rajat Gupta for his leadership over the last three years during which time we've seen considerably strengthened ties between the business community here and in India and I look forward to working with our distinguished board of directors, our member companies and a very able secretariat led by Ron Somers at USIBC."
Kaye is a member of the Council on Foreign Relations and the Trilateral Commission (North America). Mr Kaye is also a director of Jarden Corporation and the United Nations Association of the USA. and is a trustee of the Asia Society.