Previously, Rakesh worked as President of Americas, Business Development and Near Shoring Centre.
Ranade, the current CEO and President, will become the Executive Vice Chairman of Syntel Inc's Board of Directors effective April 21, 2014, it added.
Before rejoining Syntel, Nitin served as CEO and Managing Director of Financial services firm Motilal Oswal Asset Management company.
In his earlier innings with Syntel, he developed and led the firm's Knowledge Process Outsourcing business from 2002 until 2008, playing a pivotal role in building KPO into a high performing service line.
"This is truly an exciting time for our company as we help our customers navigate complexity and change," Syntel Chairman and co-founder Bharat Desai said.
Founded in 1980, Syntel provides integrated information technology and KPO solutions spanning business and information systems and processes. It employs over 22,900 people globally with over 16,000 employees operating from India.