KV Kamath named RIL independent director | The Financial Express

KV Kamath named RIL independent director

The company plans to rename RSIL to Jio Financial Services (JFSL) after the de-merger of financial services operations.

KV Kamath named RIL independent director
Currently, he serves as the chairman of the National Bank for Financing Infrastructure and Development

Reliance Industries (RIL) on Friday said it has appointed veteran banker KV Kamath as an independent director of RIL for a period of five years. He has also been appointed non-executive chairman and independent director of its subsidiary Reliance Strategic Investments (RSIL).

The company plans to rename RSIL to Jio Financial Services (JFSL) after the de-merger of financial services operations.

“KV Kamath will continue as an independent director and non-executive chairman of JFSL upon consummation of the scheme and listing of JFSL on stock exchanges,” the oil-to-telecom conglomerate said in an exchange filing.

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Kamath, 74, was the first president of the New Development Bank set up by BRICS countries. Before that, he served as chairman of Infosys, the second-largest Indian IT services company, and as the non-executive chairman of ICICI Bank, India’s largest private bank. Kamath also served as ICICI Bank’s MD and CEO from May 1, 1996, until his retirement in 2009.

Currently, he serves as the chairman of the National Bank for Financing Infrastructure and Development (NaBFID) set up by the government last year to support the development of long-term infrastructure financing.

He has had close ties with the Reliance Group and its founder, Dhirubhai Ambani. So much so that Dhirubai’s widow, Kokilaben, requested him to broker peace between her warring sons in 2004, two years after the patriarch’s death. It was Kamath, along with another friend of Dhirubhai and merchant banker Nimesh Kampani, who drafted a new ownership structure that was accepted by both brothers.

The appointment comes months after Mukesh Ambani stepped down as director of RIL’s telecom arm, Reliance Jio Infocomm, handing over the reins to his son Akash.

RSIL, which will be renamed JFSL, is a non-deposit-taking systemically important non-banking financial company (NBFC). RIL approved the subsidiary’s demerger in October. RIL shareholders will receive a share of JFSL for a share of RIL as per the scheme. The NBFC plans to provide adequate regulatory capital for lending and initiate other financial services verticals such as insurance, payments, digital broking, and asset management in three years.

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First published on: 05-11-2022 at 05:50 IST