Reliance Industries Limited (RIL) at its Annual General Meeting (AGM) on Monday approved the appointment of Isha Ambani, Akash Ambani, and Anant Ambani as Non-Executive Directors of the Company. Their appointment will take effect from the date they assume office after approval by the shareholders.
The Board of Directors also accepted the resignation of Nita Ambani from the Board respecting her decision to devote her energies and time to guiding and enable Reliance Foundation to make an even greater impact for India.
The decision was taken on the recommendation of the Human Resources, Nomination and Remuneration Committee.
The board 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 programs and initiatives.
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.
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. Their appointment to the Board of RIL will enable RIL to gain from their insights and infuse new ideas, the Board opined.
Reliance is India’s largest private sector company, with a consolidated revenue of INR 9,74,864 crore (US$118.6 billion), cash profit INR 1,25,951 crore (US$ 15.3 billion) and net profit of INR 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.
Currently ranking 88th, Reliance is the largest private sector company from India to feature in Fortune’s Global 500 list of “World’s Largest Companies” for 2023. The company stands 45th in the Forbes Global 2000 rankings of “World’s Largest Public Companies” for 2023 – top-most among Indian companies. Reliance has been ranked among the world’s 20 best companies to work with, highest amongst Indian companies in Forbes’ World’s Best Employers for 2022. It features among LinkedIn’s “Top Companies 2023: The 25 Best Workplaces To Grow Your Career In India”.