NEW DELHI: Former banker K V Kamath has been appointed as an independent director and non-executive Chairman of Reliance Strategic Investments Limited (RSIL), a wholly-owned subsidiary of Reliance Industries Limited (RIL).
The entity will house the financial services business of the conglomerate and be renamed Jio Financial Services Limited. RIL on Friday also appointed Kamath as an independent director on its board for a period of five years. “K V Kamath will continue as Independent Director and non-executive Chairman of JFSL upon consummation of the scheme and listing of JFSL on stock exchanges,” said the company in a statement.
Kamath, a veteran banker who started his career in 1971 with ICICI and moved to the Asian Development Bank and spent several years in South East Asia before returning to ICICI as its managing director and CEO in 1996 and post its merger into ICICI Bank, was managing director and CEO of ICICI Bank.
He retired as managing director and CEO in 2009 and continued as the Chairman of ICICI Bank till 2015. Under his leadership, ICICI transformed itself into a diversified, technology-driven financial services group across banking, insurance and asset management in India, and a global presence. Kamath has served as Chairman of Infosys.