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Reliance Industries Limited (RIL)’s Board appointed former SBI chairperson Arundhati Bhattacharya as an independent additional director, the company said in a regulatory filing. The statement further read that the former SBI Chairman has joined the Mukesh Ambani-led conglomerate’s board for a period of five years starting from October 17, 2018, subject to shareholder approval.
The RIL statement to stock exchanges said, “The Board of Directors at its meeting held today, has appointed Smt. Arundhati Bhattacharya as an Additional Director of the Company, designated as an Independent Director.”
The appointment of Bhattacharya comes days after ChrysCapital Advisors LLP, an India focused private equity firm, had announced her as an advisor.
Bhattacharya who joined SBI in 1977 after serving four-year as the leader, she retired from the SBI last year in October. In her 40-year career, Bhattacharya has been credited for her visionary role in and supervising the merger of six associate banks with SBI, creating an entity three times larger than its nearest competitor.
Reliance Industrial Investments and Holdings Limited, a wholly owned subsidiary of Mukesh Ambani-led Reliance Industries Limited (RIL), has also announced the acquisition of 2.7 per cent shareholding stake in SkyTran Inc.
SkyTran is a US-based technology company which aims to solve traffic congestion by introducing personal rapid transit systems.
Reliance said that the investment in SkyTran is made with the aim to create an exclusive partnership in India, where it would work closely with SkyTran to develop pilot implementations in order to develop personal rapid transportation system in India.
