Nair, who is also President of Western India Cashew Co, took charge from the Federal Bank CEO and Managing Director Shyam Srinivasan, industry body CII said in a statement.
He was elected at the CII annual members meet held here yesterday, it added.
Manappuram Finance Ltd VP Nanadakumar was elected as the Vice Chairperson for 2015-16.
A special session on Skilling Kerala to accelerate growth and employment was also organised as part of the Annual Meet.