Naina Lal Kidwai as independent chairman of Altico Capital Board of Directors

Altico Capital India Tuesday said it has elevated Naina Lal Kidwai as independent chairman of the company's Board of Directors.

Kidwai will replace Robert Petty, who will step down from the chairman's role while continuing to remain on the board as a non-executive director, a release said.

Petty will remain an active board member as CO-CEO of Clearwater Capital Partners - Altico's largest shareholder, it added.

Altico Capital is one of the largest foreign-owned and controlled NBFCs by net worth.