Reliance Industries Limited (RIL) has appointed veteran banker KV Kamath as an independent director on its board for five years.
He has also been appointed non-executive chairman of Reliance Strategic Investments Limited (RSIL), a wholly-owned subsidiary of Reliance Industries Ltd.
"KV Kamath is not related to any Director of the Company. He satisfies the criteria of independence prescribed under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," RIL said in a regulatory filing.
Reliance Strategic Investments is to be renamed as Jio Financial Services and listed after the financial services business of the Mukesh Ambani-led conglomerate is demerged.
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Kamath will begin his duties as chairman upon consummation of the scheme of demerger, RIL added.
Kamath started his career in 1971 with ICICI. In 1988, he moved to the Asian Development Bank and spent several years in South East Asia before returning to the ICICI as its managing director (MD) and CEO in 1996.
After the company's merger with ICICI Bank, he was the MD and CEO of ICICI Bank.
At present, he is the chairman of the National Bank for Financing Infrastructure and Development (NaBFID).
