Ahead of Q2, RIL gets shareholders' nod to appoint Isha, Akash, Anant Ambani as non-executive directors

The shareholders of Reliance Industries Limited have approved the appointment of Isha Ambani, Akashi Ambani and Anant Ambani as the non-executive directors, the oil-to-telecom conglomerate informed exchanges on Friday. The announcement was made ahead of its second quarter earnings report slated to be released in the everning today. 

The development comes months after the board of directors of Reliance Industries approved the appointment of Isha, Akash and Anant as non-executive directors in August this year. The decision was taken on the recommendation of the Human Resources, Nomination and Remuneration Committee, according to the company. The move has been touted as a significant step in Mukesh Ambani’s succession plan.

"The said resolutions have been passed with more than the requisite majority on October 26, 2023 (the last date of e-voting)," the company says in a statement.

According to the regulatory filing, Isha received 98.21% or 5,66,41,71,767 valid votes from shareholders to be appointed as the non-executive director of the company. Akash received 98.05% or 5,65, 52, 01. 465 valid votes from the shareholders, whereas Anant received 92.75% or 5,32,42,04,775 valid votes to be appointed as non-executive directors of the company.

Reacting to the news, the share price of the company was trading 1.66% higher at ₹2,263.10.

Isha, Akash and Anant have been closely involved with and are leading and managing key businesses of RIL over the last few years including retail, digital services and energy and materials businesses. They also serve on the boards of the key subsidiaries of RIL. Their appointment to the Board of RIL will enable RIL to gain from their insights and infuse new ideas, the board said in August.

Isha Ambani is driving the expansion of Reliance Retail into new categories, geographies and formats and is focused on enhancing the overall customer experience. Reliance Retail has a presence in Food, Consumer Electronics and Fashion Retail and is India's largest retailer by reach, scale, revenue and profitability. Ambani is part of the executive leadership teams as a Member of the Board at Reliance Retail Venture Ltd, Reliance Jio and Reliance Foundation (RF), Reliance Foundation Institution of Education and Research, and Dhirubhai Ambani International School.

Akash Ambani serves as the chairman of Reliance Jio Infocomm since June 2022. He was earlier serving as a non-executive director on the Reliance Jio board since October 2014. He also serves on the Board of Jio Platforms, Reliance Industries' digital services business.

Anant Ambani serves as a director on the boards of Jio Platforms since March 2020, Reliance Retail Ventures Limited since May 2022 Reliance New Energy Ltd and Reliance New Solar Energy Ltd since June 2021.

Notably in August, Nita Ambani stepped down from the board of Reliance Industries.