An alumnus of IIT-Kanpur, he is also the President of Automotive and Farm Equipment Sectors at Mahindra and Mahindra Ltd.
The appointment of Goenka was made by President Pranab Mukherjee in his capacity as Visitor of the Institute, and is for a period of three years with effect from June 9, a release from IIT-M said.
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Goenka would replace M M Sharma, Member, Scientific Advisory Council of the Prime Minister.
As the Chairman of the Board of Governors, Goenka will preside over all board meetings, "helping promote the policy advocacy priorities" of IIT-M and will advise it and senior management on a wide range of issues, it said.
"It was an honour and I am humbled to have been appointed Chairman of the Board of Governors of IIT Madras," the release quoted Goenka as saying.
It added that Goenka expressed his desire to work with the management to contribute towards the institute's "goals of building scientific & engineering excellence, incubating innovation and encouraging entrepreneurship.