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Nita Ambani stepped down from the Board of Directors of Reliance Industries Limited (RIL) on...
Digital Desk: Nita Ambani stepped down from the Board of Directors of Reliance Industries Limited (RIL) on Monday, making way for her children Isha, Akash, and Anant to become non-executive directors on the RIL Board.
Reliance's board of directors met ahead of the company's annual general meeting to approve the appointment of twins Isha and Akash, as well as Anant, as "non-executive directors of the company," the company stated in a stock exchange filing.
"Their appointment will take effect from the date they assume office after approval by the shareholders," a press release by the company stated.
Meanwhile, Nita Ambani will continue to be the chairperson of the Reliance Foundation. According to the company's statement, they supported her decision to resign from the board in order to "devote her energies and time to guide and enable Reliance Foundation to make an even greater impact for India."
Nita Ambani will continue to attend all RIL Board meetings as a permanent invitee.
Last year, RIL chairman Mukesh Ambani stepped down to allow his firstborn son, Akash Ambani, to become chairman of Reliance Jio Infocomm Ltd., India's largest mobile firm.
Jio Infocomm is a subsidiary of Jio Platforms, in which Meta and Google have shares, and is still chaired by Mukesh. RIL is the parent company of Jio Platforms.
Akash's twin sister, Isha, was identified for Reliance's retail division, and the youngest sibling, Anant, for the new energy business.
Since October 2014, Akash and Isha have served on the boards of Reliance Retail Ventures Ltd. — the company that operates supermarkets offering consumer electronics, food and grocery, fashion, jewelry, footwear, and clothing, as well as the online retail venture, JioMart, and digital arm Jio Platforms Ltd. (JPL).
This is the first time that the siblings have been named to the parent company's board of directors.
"Their appointment to the Board of RIL will enable RIL to gain from their insights and infuse new ideas, the board opined, according to the company press release.
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