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KV Kamath becomes independent director of Reliance Industries

New Delhi: Reliance Industries has appointed KV Kamath as an independent director of the company for the next five years. Veteran banker KV Kamath has also been made the non-executive chairman of Reliance Strategic Investment Limited (RSIL). Banker KV Kamath is currently the chairman of the National Bank for Financing Infrastructure and Development.

The company will be listed on the stock exchange after demerge

According to the information, after the demerger, the company will be listed on the stock exchange with the new name Jio Financial Services. Presently, RSIL is a subsidiary and non-deposit non-banking finance company of Reliance Industries.

Reliance Industries is the largest company in the country in terms of market cap in the stock market. The market cap of Reliance is Rs 17.54 lakh crore.

KV Kamath’s new role at Reliance

Shri K. V. Kamath is not related to any Director of the Company. Shri K. V. Kamath satisfies the criteria of independence prescribed under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In accordance with the circular dated June 20, 2018, issued by the Stock Exchanges, we hereby confirm that Shri K. V. Kamath, is not debarred from holding the office of Director by virtue of any order passed by SEBI or any other such authority.

RSIL is a wholly-owned subsidy

Further, Reliance Strategic Investments Limited (“RSIL”), a wholly-owned subsidiary of the Company has appointed Shri K. V. Kamath as an Independent Director and non-executive Chairman.

As intimated earlier, RSIL will be renamed as Jio Financial Services Limited (“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. Shri K. V. Kamath will continue as Independent Director and non-executive Chairman of JFSL upon consummation of the Scheme and listing of JFSL on stock exchanges.

Who is KV Kamath?

KV Kamath has also been the founder CEO along with the non-executive chairman of ICICI Bank and he retired on 30 April 2009. Kamath became the chairman of Infosys after Narayana Murthy stepped down as chairman in 2011 and held the position till 2015.

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