Reliance, India’s largest private sector company, has announced today that it has appointed Isha Ambani, Akash Ambani and Anant Ambani, children of chairman and managing director of Reliance Industries Mukesh Ambani, as non-executive directors of the company.
The Board of Directors of Reliance, at its meeting held today, on the recommendation of the Human Resources, Nomination and Remuneration Committee, considered and recommended to the shareholders for approval of their appointment, a Reliance statement said.
Their appointment will take effect from the date they assume office after approval by the shareholders, the statement added.
Nita Ambani, spouse of Mukesh Ambani, and the chairperson and founder of the Reliance Foundation, will step down from the board membership, as she decided to devote her energies and time to guide and enable Reliance Foundation to make 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, RF 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,” the statement said.
However, Nita Ambani will attend all the RIL Board meetings as a permanent invitee to the Board as the Chairperson of Reliance Foundation.
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. They also serve on the boards of the key subsidiaries of RIL.
Reliance, 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, remains as the largest private company in India. Reliance’s business interests span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables (solar and hydrogen), retail and digital services.
