29 February 2024

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Isha Ambani and ex-CAG Rajiv Mehrishi have been appointed as directors of Jio Financial Services

Isha Ambani & Rajiv Mehrishi: New Directors of Jio Financial Services

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Mukesh Ambani’s daughter Isha Ambani and former CAG Rajiv Mehrishi have been nominated to the board of directors of Reliance Industries Ltd’s demerged financial services unit, the company said on July 8.

Reliance has previously announced plans to spin off its financial services venture into Reliance Strategic Investments Limited (RSIL), rebrand and list it as Jio Financial Services Limited (JFSL).

Based on unique data analytics, Reliance’s financial arm will lend to customers and merchants before expanding into insurance, payments, digital broking, and asset management.

According to the terms, each Reliance shareholder would get one share of the new company for every share held in the parent.

The firm has set July 20 as the record day for assigning shares of the new company, according to the company’s stock exchange filing. The demerger’s effective date has been set as July 1.

JFSL will complement Reliance’s consumer operations, which include India’s largest wireless provider with around 428 million subscribers and a leading retail chain with over 17,000 locations.

Isha Ambani New Position

“In accordance with the provisions of the (demerger) Scheme, Reliance Strategic Investments Limited (RSIL) shall issue and allot one fully paid-up equity share of RSIL having face value of 10 each for every one fully paid-up equity share of the company whose names are recorded in the register of members and/or records of the depository as on the record date,” the firm said in a stock exchange filing.

The board of directors of the new business accepted Isha Ambani as a non-executive director at a meeting on July 7, and Reliance executive Anshuman Thakur has also been appointed as a non-executive director. Isha ambani will take charge from next months.

Isha Ambani

It was announced that former bureaucrat Rajiv Mehrishi, who served as both home secretary and CAG, has been appointed as an independent director on RSIL for a five-year term. Sunil Mehta, CEO of the Indian Banks’ Association, and Bimal Manu Tanna, a chartered accountant who previously worked for PwC, have been named independent directors.

“Appointment of directors is subject to approval of RSIL members and the Reserve Bank of India, and will be effective from the date of receipt of approval from the Reserve Bank of India,” the filing stated.

Hitesh Kumar Sethia, a banker, has been named managing director and chief executive officer of RSIL for a three-year term.

“Hitesh Sethia is a finance executive with over two decades of experience in Europe, Asia (India and Greater China), and North America.” He has spent the majority of his career at ICICI Bank, gaining functional experience and handling leadership roles across various departments such as credit, retail banking, corporate banking, and transaction banking, as well as an understanding of technology applications in financial services’, according to the filing, which provides a brief profile of the new CEO.

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