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Saudi Aramco chairman Yasir Al-Rumayyan joins RIL board

Capital Market 

Reliance Industries (RIL) said that the appointment of Yasir Al Rumayyan as an independent director of the company has taken effect from 19 July 2021.

On 24 June 2021, the board of the conglomerate had approved the appointment of Yasir O. Al-Rumayyan, as an additional director of the company, designated as an independent director.

Additionally, on the same day, the company informed that Y. P. Trivedi, an independent director of the company, had demitted his office as a director of the company effective from the conclusion of the 44th Annual General Meeting (Post IPO) held on 24 June 2021, due to health reasons. Y. P. Trivedi joined the board of directors of the company in 1992.

His Excellency Yasir O. Al-Rumayyan has been governor of the Public Investment Fund of Saudi Arabia since 2015, leading all areas of operation of the sovereign wealth fund, which sits at the heart of Saudi Arabia's Vision 2030 and economic transformation strategy. His Excellency also serves as advisor to the General Secretariat of the Cabinet of Ministers, a position he has held since 2016.

H.E. Al-Rumayyan's experience encompasses over 25 years working in some of Saudi Arabia's prominent financial institutions. He began his career at the Saudi Hollandi Bank, where he occupied key positions across various departments before becoming Head of International Brokerage.

In 2004, His Excellency joined the Capital Market Authority as part of the founding team, being appointed Director of the Corporate Finance and Issuance Division in 2008.

From 2010 until 2015, he served as Chief Executive Officer and board member of Saudi Fransi Capital, during which he also sat on the board of Tadawul, the Saudi Stock Exchange, from 2014 to 2015.

RIL is the largest private sector corporation in India. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

On a consolidated basis, RIL reported 108.36% surge in net profit to Rs 13,227 crore on 9.59% increase in net sales to Rs 149,575 crore in Q4 March 2021 over Q4 March 2020.

The RIL scrip rose 0.55% to currently trade at Rs 2105.20 on the BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, July 22 2021. 09:52 IST