Reliance Industries Ltd (RIL) has announced Isha Ambani and Rajiv Mehrishi as directors on the board for its demerged division Jio Financial Services Limited (JFSL), formerly Reliance Strategic Investments Limited (RSIL). 

Isha Ambani Piramal, daughter of Mukesh Ambani is set to take over a significant role in future for RIL. As of now, she remains a non-executive director, alongside Anshuman Thakur. 

Moreover, Rajiv Mehrishi, former CAG and home minister, has been appointed independent director for a term of five years. In addition, Sunil Mehta, CEO of the Indian Banks’ Association and Bimal Manu Tanna, CA to PWC have been appointed independent directors for the same period (subject to the approval of RSIL members and RBI). 

As of now, National Company Law Tribunal (NCLT) has allowed the demerger of RSIL,  but the official notification for Jio Financial Services Limited will be announced on July 20, 2023, when the share allocation will be recorded. 

According to Macquarie Group, an Australian Financial Services Company, JFSL. after the demerger, is expected to become the fifth-largest financial services company in terms of net worth.

RIL also appointed Hitesh Kumar Sethia as Managing Director and CEO for RSIL, for a term of three years effective from July 7, 2023, onwards (his appointment is subject to RBI’s approval). 

Sethia, formerly Head of Transaction Banking with lClCl Bank, the first employee in Germany and a central part of the foundation team in Canada, contributed to the establishment and business expansion. He also held key positions including country head for ICICI Bank UK and Hong Kong. In his new role, he brings an impressive record of over 20 years of experience in the financial services sector. He holds a certificate in Advanced Management Program from Harvard Business School Executive Education and is a certified chartered accountant too.

RIL announced Sethia’s appointment in an official notification stating, "The board of directors, at its meeting held on July 7, 2023, approved the appointment of Shri Hitesh Kumar Sethia as the Managing Director and Chief Executive Officer of RSIL for a period of 3 years.”