Reliance Industries Limited (RIL) Friday appointed veteran banker K V Kamath as an independent director on the company board for a period of five years.
In a stock exchange filing, Reliance said: “The Board of Directors has, at its meeting held today, based on the recommendation of the Human Resources, Nomination and Remuneration Committee considered and recommended to the shareholders for approval the appointment of Shri K. V. Kamath (DIN: 00043501) as an Independent Director of the Company for a term of 5 consecutive years with effect from the date of assumption of office by Shri K. V. Kamath. The Board of Directors also approved the postal ballot notice in this regard.”
“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,” Reliance said in the filing.
Kamath will continue as an independent director and non-executive chairman of JFSL upon consummation of the demerger and listing of JFSL on stock exchanges.
An IIM Ahmedabad graduate, Kamath is an accomplished Indian banker who started his career with ICICI in 1971.
Subsequently, he moved to the Asian Development Bank (ADB) in 1988 and spent several years in South East Asia before returning to ICICI as its managing director and CEO in 1996 and post its merger into ICICI Bank, was the managing director and CEO of ICICI Bank.