Reliance Industries appoints KV Kamath as independent director for 5 years

Nov 04, 2022

MUMBAI: Mukesh Ambani's Reliance Industries' has announced the appointment of K V Kamath as the Independent Director for a five-year term.

In its filing, the company 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 as an Independent Director of the Company for a term of 5 (five) consecutive years with effect from the date of assumption of office by Shri K. V. Kamath."

Kamath has also been appointed as Reliance Strategic Investment Limited's Independent Director and Non-Executive Chairman (RSIL).

The board of directors has approved the demerger plan for the financial services business, and RSIL will now be known as Jio Financial Services Limited ("JFSL").

In 1971, Kamath began his career with ICICI. Before returning to the ICICI as its managing director (MD) and CEO in 1996, he left the ICICI in 1988 to join the Asian Development Bank. He served as the MD and CEO of ICICI Bank following the company's merger with that institution.

Kamath had also served as chairman of Infosys. He was chosen to serve as the inaugural president of the New Development Bank, which was founded by the BRICS nations, in 2015. In 2020, he left that position.

He currently serves as the National Bank for Financing Infrastructure and Development's chairman (NaBFID). In September, Kamath predicted that India's economy would reach $25 trillion in 25 years.