Issar has also been appointed Managing Director of Mahindra Steel Service Centre Limited (MSSCL), a joint venture between Mahindra and Metal One Corporation, Japan.
He takes over from Harsh Kumar who retired with effect from September 30, 2015, M&M said in a statement.
MIL owns and operates the country's largest network of independent steel service centres in the automotive, power and home appliance verticals, and is amongst the top five companies globally in the electric steel processing business.
The company is a portfolio company of Mahindra Partners, the private equity and venture capital division of the USD 16.9 billion Mahindra Group.