K.V. Kamath to join RIL as independent director

Well known banker to lead Jio Financial Services as chairman

The Board of Directors of Reliance Industries Ltd. (RIL) at its meeting held on Friday, based on the recommendation of the Human Resources, Nomination and Remuneration Committee considered and recommended to shareholders for approval the appointment of well-known banker K. V. Kamath as an Independent Director of the company for a term of five consecutive years with effect from the date of assumption of office by him.

The board of directors also approved the postal ballot notice in this regard. 

Further, Reliance Strategic Investments Ltd. (RSIL), a wholly owned subsidiary of RIL, has appointed Mr. Kamath as an Independent Director and non-executive Chairman. 

“As intimated earlier, RSIL will be renamed as Jio Financial Services Ltd. (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. 

“Mr. 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 a statement.