Nita Ambani To Step Down From Reliance Board; Children Isha, Anant & Akash Appointed Non-executive Directors

During its recent meeting held on Monday, the Board of Directors of Reliance Industries Limited put forth a recommendation to the shareholders for the approval of Isha Ambani, Akash Ambani, and Anant Ambani as non-executive directors of the company. The board also accepted the resignation of Nita Ambani from her position, honoring her decision to dedicate her time and efforts towards guiding and facilitating the endeavors of Reliance Foundation in making a more profound impact on India.

The Board commended Nita Ambani for her role as the Founder Chairperson of Reliance Foundation, acknowledging the significant strides it has taken in uplifting marginalized communities in India. Nita Ambani’s emphasis on strengthening Reliance Foundation and her commitment to new transformative initiatives were recognized by the Board.

Nita Ambani, as the Chairperson of Reliance Foundation, will be a permanent invitee to RIL Board meetings, providing her valuable insights and guidance to the company.

The proposal for the new appointments to the board was presented based on the recommendation of the Human Resources, Nomination, and Remuneration Committee. The appointments will become effective once they assume office and are approved by the shareholders.

Isha Ambani, Akash Ambani, and Anant Ambani have been integral to managing key aspects of RIL’s businesses in recent years, encompassing retail, digital services, energy, and materials. Their involvement extends to the boards of RIL’s significant subsidiaries, and their addition to the RIL Board is expected to infuse fresh perspectives and ideas.

Reliance Industries is India’s largest private sector company, reporting consolidated revenues of Rs 9,74,864 crore (US$118.6 billion), cash profits of Rs 1,25,951 crore (US$15.3 billion), and net profits of Rs 73,670 crore (US$9.0 billion) for the fiscal year ending on March 31, 2023. The company operates across a spectrum of sectors, including hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials, renewables, retail, and digital services.