The decision to elevate Singh to the top post was taken at a special executive council meeting of IHF here today.
Reddy, Andhra Pradesh's Director General of Police, cited paucity of time as the reason behind his resignation from the president's post.
"The main agenda of today's meeting was to name a replacement for Reddy who expressed his inability of continue in the post due to paucity of time," IHF secretary general Ashok Mathur told PTI.
Singh, an MP from Jharkhand, was the vice-president of IHF. He is the founder of the Alchemist Group, a 10,000-crore group with 11 companies and 9,800 employees across the country.
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Incidentally, Alchemist was the sponsor of the just-concluded Federation Cup hockey tournament organised by the IHF.
Meanwhile, the IHF also announced the probable dates of Under-15 Sub-Junior National for girls and Under-17 Sub-Junior National for boys.