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MUMBAI: Reliance Strategic Investments (RSI), to be known as Jio Financial Services in the future, has announced that Isha Ambani, daughter of Reliance Industries (RIL) chairman Mukesh Ambani, will join its board as a non-executive director.
The announcement comes ahead of RIL merging its financial services business with RSI and subsequently listing the latter on the Indian stock exchanges. Her nomination to RSI indicates her growing and larger role within the RIL Group. She is already on the board of Jio Platforms and Reliance Retail Ventures.
RSL has also named Hitesh Sethia as its MD and CEO for three years. Both Isha and Sethia’s appointments are subject to the approval of shareholders as well as the Reserve Bank of India (RBI), RSI said. Sethia has spent most of his over two-decade career with ICICI Bank.
RIL had tapped former ICICI Bank chairman K V Kamath to head the board of RSI. Besides Kamath, RSI has inducted former home secretary Rajiv Mehrishi, ex-Punjab National Bank MD Sunil Mehta and former PWC executive Bimal Tanna as independent directors on its board. It has also announced that Jio Platforms’ senior VP Anshuman Thakur will join the board.
RIL has set the record date for merging its financial services business with RSI as July 20. Its shareholders will get one share of RSI for every share they own of RIL. “In accordance with the terms of the scheme, July 20, 2023 has been fixed as the record date for the purpose of determining the equity shareholders of the company entitled to receive the resulting company new equity shares,” it said.
The announcement comes ahead of RIL merging its financial services business with RSI and subsequently listing the latter on the Indian stock exchanges. Her nomination to RSI indicates her growing and larger role within the RIL Group. She is already on the board of Jio Platforms and Reliance Retail Ventures.
RSL has also named Hitesh Sethia as its MD and CEO for three years. Both Isha and Sethia’s appointments are subject to the approval of shareholders as well as the Reserve Bank of India (RBI), RSI said. Sethia has spent most of his over two-decade career with ICICI Bank.
RIL had tapped former ICICI Bank chairman K V Kamath to head the board of RSI. Besides Kamath, RSI has inducted former home secretary Rajiv Mehrishi, ex-Punjab National Bank MD Sunil Mehta and former PWC executive Bimal Tanna as independent directors on its board. It has also announced that Jio Platforms’ senior VP Anshuman Thakur will join the board.
RIL has set the record date for merging its financial services business with RSI as July 20. Its shareholders will get one share of RSI for every share they own of RIL. “In accordance with the terms of the scheme, July 20, 2023 has been fixed as the record date for the purpose of determining the equity shareholders of the company entitled to receive the resulting company new equity shares,” it said.
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