Reliance Industries Appointed KV Kamath As Its Independent Director; RSIL Renamed As Jio Financial Services
November, 6, 2022: A post graduate in business administration from IIM Ahmedabad, KV Kamath has also served as Chairman of Infosys.
In 2015 he was appointed as the first President of the new Development Bank established by the BRICS countries from which he retired in 2020.
Currently he is the Chairman of National Bank for Financing Infrastructure and Development. Veteran banker KV Kamath has been appointed as an independent director of Reliance Industries Limited. Industrialist Mukesh Ambani-led RIL on Friday announced Kamath’s appointment to its board for five years.
Kamath has also been made the non-executive chairman of Reliance Strategic Investments Limited (RSIL), a wholly owned RIL subsidiary.
“KV Kamath is not related to any director of the company. He satisfies the criteria of independence prescribed under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,” RIL said in a stock exchange filing.
Further, the group announced that RSIL will be renamed as Jio Financial Services Limited (JFSL) and will be listed as per the scheme of demerger approved by the board of directors to demerge the company’s financial services business into RSIL.
RIL added that Kamath will take over as chairman after completion of the demerger scheme. Indian banker Kamath started his career at ICICI in 1971.
In 1988, he moved to the Asian Development Bank and spent several years in South East Asia before returning to ICICI in 1996 as its Managing Director and CEO.
A post graduate in Business Administration from IIM Ahmedabad, Mr. Kamath has also served as the Chairman of Infosys.
In 2015 he was appointed as the first president of the new development bank set up by the BRICS countries from which he retired in 2020.
He is currently the Chairman of National Bank for Financing Infrastructure and Development (NaBFID). Kamath was awarded the Padma Bhushan, one of India’s highest civilian honours, in 2008.
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