Nita Ambani to step down from Reliance Board; Isha, Akash and Anant appointed non-executive directors

Mumbai (Maharashtra) [India]: The Board of Directors of Reliance Industries Limited, at its meeting held on Monday, made recommendation to the shareholders for approval of the appointment of Isha Ambani, Akash Ambani and Anant Ambani as non-executive directors of the company.

The Board of Directors also accepted the resignation of Nita Ambani from the Board, respecting her decision to devote her energies and time to guide and enable Reliance Foundation “to make an even greater impact for India”.

The Board of Directors appreciated Nita Ambani for her leadership of Reliance Foundation as its Founder Chairperson.

“Over the years, Reliance Foundation has made considerable progress in its mission of nurturing and empowering marginalised and under-resourced communities in India.

They lauded Nita Ambani’s request to focus even more on strengthening Reliance Foundation as it embarks on a mission to achieve even greater societal transformation by undertaking a host of new programmes and initiatives,”  a Reliance Industries release said.

As the Chairperson of Reliance Foundation, Nita Ambani will attend all the RIL Board meetings as a permanent invitee to the Board so that the Company can continue to benefit from her advice.

The recommendation for new appointments on the board of directors was made on the recommendation of the Human Resources, Nomination and Remuneration Committee.

Their appointment will take effect from the date they assume office after approval by the shareholders.

Isha Ambani, Akash Ambani and Anant Ambani have been closely involved with and are leading and managing key businesses of RIL over the last few years including retail, digital services and energy and materials businesses, the release said.

They also serve on the boards of the key subsidiaries of RIL. Their appointment to the Board of RIL will enable RIL to gain from their insights and infuse new ideas, the Board said.

Reliance is India’s largest private sector company, with a consolidated revenue of Rs 9,74,864 crore (US$118.6 billion), cash profit Rs 1,25,951 crore (US$ 15.3 billion) and net profit of Rs 73,670 crore (US$9.0 billion) for the year ended March 31, 2023.

Reliance’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables (solar and hydrogen), retail and digital services.