Reliance Industries on Friday appointed veteran banker K.V. Kamath as an independent director of the company for a five-year term, beginning from the date he assumes office.
Apart from this, Kamath has also been appointed as an independent director and non-executive Chairman of Reliance Strategic Investments Limited (RSIL).
RSIL will be renamed Jio Financial Services Limited (JFSL) and will be listed on stock exchanges post its demerger, pending approval by the board of directors.
On 21 October, Reliance said it would demerge its financial services undertaking into RSIL, which will be renamed JFSL.
Kamath will continue as an independent director and non-executive Chairman of JSFL upon approval from the board of directors and its subsequent listing on the stock exchanges.
RSIL is a wholly-owned subsidiary of RIL and is an RBI-registered non-Deposit-taking Systemically Important (ND-SI) Non-Banking Financial Company.
RIL shareholders will get shares on a 1:1 basis in JFSL (to be listed), enabling upfront value unlocking.
Kamath began his career in 1971 at ICICI and moved to the Asian Development Bank in 1988 before returning to ICICI as its managing director and CEO in 1996.
After its merger into ICICI Bank, Kamath served as its managing director and CEO.
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).