"Tata Industries is appointing a mew managing director shortly. He is KA Chaukar, currently the managing director of I-Sec. Chaukar brings to Tata Industries considerable experience in project evaluation and project finance," a Tata Services press release said.

Tata Industries is the main promoter of the Tata group in new projects in the areas of information technology, telecommunications and other high technology areas.

Speaking to The Financial Express, Chaukar said: "It happened very fast. It is not an opportunity in finance. I will be involved in setting up new projects for Tata Industries. It is a challenge I am looking forward to."

The financial sector has not been surprised by the development, as Chaukaris believed to be not enjoying his assignment in I-Sec for quite some time now. The massive loss posted by I-Sec in 1997-98 did not go down well with the ICICI management. More complications cropped up when overseas partner JP Morgan decided to call it a day early this year.

I-Sec has also lost the prime of place in the new scheme of things at ICICI, which is fast turning into a universal bank, following the recommendations of McKinsey & Co. A sizable number of I-Sec employees left the fold to join JP Morgan, few departments wound up and some of I-Sec executives were called back to ICICI.