Reliance Industries: Reliance Industries has appointed veteran banker KV Kamath as the independent director of the company for 5 years. Along with this, KV Kamath has also been made the non-executive chairman of Reliance Strategic Investment Limited (RSIL). Reliance Strategic Investment Limited will soon be renamed as Jio Financial Services Limited (JFSL).
With the announcement of the results last month, Reliance Industries said that the company will demerge its financial services business as Jio Financial Services Company and get it listed on the stock exchange. The company announced that the shareholders of Reliance Industries will get one share of Jio Financial Services for each Reliance share.
The board of Reliance Industries has approved the demerger. And after the demerger of financial services company Reliance Strategic Investment Limited (RSIL), the company will be listed on the stock exchange with the new name Jio Financial Services. Presently RSIL is a subsidiary of Reliance Industries and is a Non Deposit NBFC (Non Banking Finance Company). Reliance Industries is the largest company in the country in terms of market cap in the stock market. The market cap of Reliance is Rs 17.54 lakh crore. Reliance’s stock closed at Rs 2592.75 with a gain of 1.47 percent.
KV Kamath is currently the chairman of the National Bank for Financing Infrastructure and Development (NaBFID). Prior to this, he was the non-executive chairman of ICICI Bank as well as the founder CEO. He retired on 30 April 2009. KV Kamath has been the chairman of IT company Infosys. After NR Narayana Murthy stepped down as chairman in 2011, KV Kamath became the chairman of the company and remained in this position till 2015.
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