RIL appoints KV Kamath as independent director for 5 yrs, RSIL to be renamed as Jio Financial Services

“The Board of Directors has, at its meeting held today, based on the recommendation of the human resources, nomination and remuneration committee considered and recommended to the shareholders for approval the appointment of Shri K. V. Kamath as an Independent Director of the Company for a term of 5 (five) consecutive years with effect from the date of assumption of office by Shri K. V. Kamath,” the company said in its filing.

KV Kamath has also been appointed as an Independent Director and non-executive Chairman for Reliance Strategic Investment Limited (RSIL).

RSIL will be renamed as Jio Financial Services Limited (“JFSL”) and the scheme of demerger approved by the board of directors for demerger of the financial services business. 

Reliance Industries Ltd (RIL) last month had said that it will demerge its financial services business and list it separately on the stock exchanges under Jio Financial Services Ltd, in a move to tap the growing demand for new age financial services for retail and small-business customers, the company said in a statement.

Shareholders of RIL will receive one equity share of JFSL for one share.

“The board of directors of RIL, at its meeting held today, approved a scheme of arrangement amongst RIL, Reliance Strategic Investments Limited (RSIL) and their respective shareholders and creditors in terms of which, RIL will demerge its financial services undertaking into RSIL, to be renamed Jio Financial Services Limited (JFSL),” the statement said.

KV Kamath is currently the Chairman of the National Bank for Financing Infrastructure and Development (NaBFID).