UPDATE 1-BofA M-L taps JPMorgan banker as India head

* Kaku Nakhate will replace Kevan Watts as country head

* Kaku will be replaced by Manish Prasad at JP Morgan-source (Adds details)

MUMBAI, March 11 (Reuters) - Bank of America Merrill Lynch (BAC.N) is hiring JP Morgan's (JPM.N) India equities head to run the bank's operations in the country, Merrill Lynch said on Thursday, bringing her back a year after she left.

Kaku Nakhate, who has been in charge of equities at JP Morgan in India and previously worked at Merrill Lynch's India unit for more than 18 years, is returning to the bank and will replace Kevan Watts, who plans to retire later this year, it said in a statement. Nakhate is expected to be joined by two other bankers from JP Morgan, one source familiar with the situation told Reuters.

Nakhate will be replaced as head of equities in India at JP Morgan by Manish Prasad, another source said.

Prasad had joined Nakhate as part of a group of India bankers who left Merrill Lynch last year for JP Morgan, and was co-head of equities and futures and options in India.

Nakhate will report to Brian Brille, Bank of America Merrill Lynch's president for Asia Pacific, the statement said.

Foreign banks are looking to boost their presence in India, as companies in Asia's third-largest economy look to grow their businesses overseas through acquisitions and tap the capital market. Macquarie (MQG.AX), Australia's top investment bank, last week said it had appointed a former Nomura Holdings (8604.T) official to head its capital advisory team in India as part of its of its expansion plan. [ID:nSGE6270KQ] (Reporting by Tony Munroe and Sumeet Chatterjee; Editing by Surojit Gupta) ((tony.munroe@thomsonreuters.com; +91 22 6636 9257; Reuters Messaging: tony.munroe.reuters.com@reuters.net))