Former State Bank of India(SBI) chairman Arundhati Bhattacharya has joined the board of Reliance Industries as an additional director, designated as independent director. RIL announced that her appointed for five years commencing October 17, 2018, subject to approval of the shareholders.
This development comes after private equity firm ChrysCapital Advisors LLP announced Bhattacharya as an advisor. Earlier on October 17, Reliance Industrial Investments and Holdings Limited, a wholly owned subsidiary of Mukesh Ambani-led Reliance Industries Limited, acquired 12.7% shareholding in SkyTran. SkyTran is a US-based technology company which aims to solve traffic congestion by introducing personal rapid transit systems. Reliance invests in Skytran to develop personal rapid transportation system in India.
Arundhati joined SBI in 1977 as a probationary officer and went on to become the first woman to head the bank as Chairman in 2013. After a four-year stint at the helm, she retired from the SBI last year in October. Bhattacharya was also the chief executive of SBI’s Capital Markets.
During her tenure in SBI, Reliance Jio and SBI, had tied up to provide a platform offering digital banking, commerce, and financial services to customers.