Bhagwati is expected to assume charge in London around February 10, the sources said.
Bhagwati is a member of the 1976 batch of the Indian Foreign Service. He took over his assignment as Ambassador of India to Belgium, Luxembourg and to the European Union on September 15, 2008, Indian embassy website said.
He has served for thirty three years in various capacities in the Ministry of External Affairs, Ministry of Finance in the Government of India and in the World Bank in Washington DC, it said.
Immediately prior to being appointed India's Ambassador to Belgium, Luxembourg and the EU, Bhagwati served as Additional Secretary in the Ministry of External Affairs, Government of India and earlier as Chief, Corporate Finance in the World Bank, it added.
He has also served as Joint Secretary (Capital Markets, External Commercial Borrowings and Pension Reforms) in the Department of Economic Affairs in the Government of India.
During his career Bhagwati has developed wide experience in financial and economic matters with specialisation in capital markets. Bhagwati has led Financial Technical Assistance teams to Turkey, Iran, China and Egypt.
Further, he has worked as a Lead Specialist for Derivatives and Asset-Liability Management in the World Bank. He also has considerable experience of working on foreign policy issues related to Central Asia, Europe, Russia, Bangladesh, Sri Lanka and Cuba.