New Delhi: The Board of Directors of Reliance Industries Ltd (RIL), at its meeting held on Friday, based on the recommendation of the Human Resources, Nomination and Remuneration Committee, considered and recommended to the shareholders for approval, the appointment of K.V. Kamath as an Independent Director of the Company for a term of 5 successive years effectively from the date of assumption of office.

The Reliance Board also approved the postal ballot notice in this regard. Further, Reliance Strategic Investments Ltd (RSIL), a wholly-owned subsidiary of the Company has appointed Kamath as an Independent Director and non-executive Chairman.

Also, Reliance Strategic Investments Ltd 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.

Kamath will continue as Independent Director and non-Executive Chairman of JFSL upon consummation of the scheme and listing of JFSL on stock exchanges. Currently the Chairman of the National Bank for Financing Infrastructure and Development (NaBFID), 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.

Under his leadership, ICICI Bank 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.