Mumbai: Indian Institute of Management Bangalore (IIM-B) has named Biocon Ltd managing director Kiran Mazumdar Shaw chairperson of its board, replacing Reliance Industries Ltd chairman Mukesh Ambani. Mazumdar Shaw is the first woman to take up the post at IIM-B, the institute said in a statement.

Shaw replaces Ambani who was held the post of chairman of board for eight years. The appointment has been notified by the ministry of human resources development, IIM-B said.