Ghosh was believed to have left BoA last year to start a new investment banking venture, but was confirmed in his new role by Temasek late on Friday.
The 42-year-old replaces Rohit Sipahimalani, who took over as MD in October when Manish Kejriwal left to begin his own Indian buyout fund.
Temasek, the world’s ninth-biggest state-backed fund, has been steadily increasing investments in India in the past couple of years.
Last month it emerged as one of the parties interested in backing India’s L&T Infrastructure Development Projects with up to $300m.
Actis and IDFC Project Equity are in separate talks to invest in the company according to a report by Reuters, which said the funds would be used for capital expenditure.
In January it agreed a $123m deal for a 4.9 percent stake in India’s Godrej Consumer Products Ltd.
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