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The board of directors of Reliance Industries Ltd (RIL) has recommended Nita M Ambani, chairperson of Reliance Foundation and wife of RIL Chairman Mukesh Ambani, be appointed a director on the company’s board.
Nita Ambani has been nominated to the board in place of Ramnik H Ambani, who is retiring at 90. Shareholder approval for the move will be sought at the company’s 40th annual general meeting, scheduled for June 18.
Her entry to the RIL board is being seen as part of her growing stature in the company.
The move comes at a time when the Securities and Exchange Board of India has made it mandatory for listed companies to have at least one woman director on their boards. Listed companies have to adhere to this norm by October this year.
Through the past two decades, Nita Ambani had been involved in initiatives spanning education, health care, rural transformation, environmental protection and sports, said a company release. “She was at the forefront of the ecological development of RIL’s Jamnagar refinery site by implementing a greening plan covering 3.2 million trees across 2,000 acres. She also developed a world-class township in Jamnagar, setting new standards in quality of life,” it added.
Nita Ambani contributed significantly to Reliance Retail by conceptualising and guiding its corporate identity development across formats. Head of the Dhirubhai Ambani International School, she is also the co-owner of Mumbai Indians, one of the teams in the Indian Premier League. The Mumbai Indians business is part of Mukesh Ambani’s personal investment.
Nita Ambani is also on the board of East India Hotels, which manages the Oberoi chain of hotels and Trident properties in India. Her entry to the RIL board is being seen as part of her growing stature in the Reliance group.
