Nita Ambani to step down from board; Akash, Isha, and Anant recommended as new board members: Press Release | Business Upturn

Nita Ambani to step down from board; Akash, Isha, and Anant recommended as new board members: Press Release

Directors of Reliance on 28th August, Mumbai, have released their report post meeting and here is the official media release –

The Board of Directors of RIL, in a meeting today, based on the recommendation of the Human Resources, Nomination, and Remuneration Committee, has considered and proposed the appointment of Isha Ambani, Akash Ambani, and Anant Ambani as Non-Executive Directors of the Company. Their appointment will come into effect from the date they assume office, following approval by the shareholders.


Furthermore, the Board of Directors has accepted Nita Ambani’s resignation from the Board, respecting her decision to channel her energies and time towards guiding and empowering Reliance Foundation to achieve greater impact for India. Nita Ambani’s leadership of Reliance Foundation as its Founder Chairperson was acknowledged and appreciated by the Board. Over time, Reliance Foundation has made substantial strides in its mission of nurturing and empowering marginalized communities in India. Her focus on strengthening Reliance Foundation through new initiatives was lauded, as the organization aims to achieve even more significant societal transformation.

Nita Ambani, as the Chairperson of Reliance Foundation, will hold a permanent invitation to attend all RIL Board meetings, allowing the Company to continue benefiting from her valuable advice.

Isha Ambani, Akash Ambani, and Anant Ambani have played integral roles in leading and managing crucial RIL businesses, including retail, digital services, energy, and materials businesses. They are also board members of key RIL subsidiaries. The Board believes that their inclusion on the RIL Board will provide valuable insights and innovative ideas.

Reliance Industries Limited, India’s largest private sector company, reported a consolidated revenue of INR 9,74,864 crore (US$118.6 billion), a cash profit of INR 1,25,951 crore (US$15.3 billion), and a net profit of INR 73,670 crore (US$9.0 billion) for the fiscal year ending March 31, 2023. The company is involved in a range of activities, including hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables (solar and hydrogen), as well as retail and digital services.