Mumbai (Maharashtra) [India], November 4 (ANI): Reliance Industries (RIL) announced on Friday that it had appointed KV Kamath as an independent director of the company for a term of five years. The company also said its subsidiary — Reliance Strategic Investments — has KV Kamath as an independent director and non-executive chairman.
During a meeting on Friday, the RIL’s board of directors, based on the recommendation of the human resources, nomination and remuneration committee, considered and recommended to shareholders for approval of the appointment.
The company said KV Kamath is not related to any director of the company and he satisfies the criteria of independence prescribed under the Companies Act, 2013 and Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015.
“Reliance Strategic Investments (RSIL), a wholly-owned subsidiary of the Company, has appointed KV Kamath as an independent director and non-executive chairman. As intimated earlier, RSIL will be renamed as Jio Financial Services (JFSL) and listed pursuant to a scheme of demerger approved by the board of directors for demerger of the Financial Services Business of the Company into RSIL. KV Kamath will continue as independent director and non-executive Chairman of JFSL upon consummation of the scheme and listing of JFSL on stock exchanges,” RIL said in intimation to stock exchanges.
KV Kamath is an Indian banker having started his career in 1971 at ICICI. In 1988, he moved to the Asian Development Bank and spent several years in Southeast Asia before returning to the ICICI as its managing director and CEO in 1996 and post its merger into ICICI Bank, was managing director and CEO of ICICI Bank.
Under his leadership, the ICICI transformed itself into a diversified, technology-driven financial services group across banking, insurance and asset management in India, and a global presence. He retired as managing director and CEO in 2009 and continued as the chairman of ICICI Bank till 2015.
Kamath has served as chairman of Infosys. In 2015 he was appointed as the first president of the New Development Bank set up by the BRICS countries from where he retired in 2020. He is currently the Chairman of the National Bank for Financing Infrastructure and Development (NaBFID). (ANI)
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