Jio Financial: Asia’s richest business tycoon Mukesh Ambani’s 31-year-old daughter, Isha Ambani is all set to take up a new responsibility in family business. She has been appointed as a non-executive director at Jio Financial. Jio Financial is a demerged financial wing of Reliance Industries. The company has plains laid down to deregulate this unit.
The company is looking to transform from Reliance Strategic Investments Limited and rebrand it as Jio Financial Services Limited(JFSL).
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JFSL directors
The 31-year-old has been part of executive leadership at Reliance Retail Ventures Limited. She played an active role in the conceptualization and institutionalization of Jio. Isha has been actively involved in diversifying the role of Reliance Retail. She is married to Anand Piramal, son of pharmaceutical services magnate Ajay Piramal.
The board of directors had a meeting on July 7. Big positions were filled in by the fillings made in the board room at the said meeting. Former CAG Rajeev Mehrishi along with Sunil Mehta and Bimal Mannu Tanna have been appointed as independent directors. Meanwhile, Reliance executive Anshuman Thakur has also been made a non-executive director.
“Appointment of directors is subject to the approval of members of RSIL and the Reserve Bank of India and will be effective from the date of receipt of approval of the Reserve Bank of India,” the filing read.
Way ahead for JFSL
Banker Hitesh Kumar Sethia who has spent most of his career at HDFC will be the managing director and CEO of the unit for a time period of three years. Reliance Retail has operations in food, fashion retail, and consumer electronic items and is the country’s largest retailer by all measures. The official demerger will happen on 20 July. The value of New Equity Shares will be handled by this time and operations to deregulate RSIL will be done.
The stock exchange filing reads “In accordance with 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 ₹10 each of the company to the shareholders of the company whose names are recorded in the register of members and/or records of the depository as on the record date.”
