New Delhi: Debt-laden Reliance Infrastructure has appointed three new people to its board of directors, one of which includes retired Lt Gen Syed Ata Hasnain, the company said in a late Wednesday evening notification to the stock exchanges.
The other two directors are the sons of promoter Anil Ambani – Jai Anmol Ambani and Jai Anshul Ambani.
While the Ambani children will serve as non-executive directors, Lt Gen Hasnain (retd) will serve as an additional director in the capacity of an independent director.
Reliance Group Chairman Anil Ambani’s sons Anmol and Anshul join Reliance Infrastructure Board as Directors. Highly-decorated Lt. Gen. (Retd) Syed Ata Hasnain also inducted as Ind Director. @atahasnain53 @anmol_ambani @AmbaniAnshul @reliancegroup More at: https://t.co/0eJGdS5j5m pic.twitter.com/krEGj8acrc
— Reliance Infra (@RInfraOfficial) October 9, 2019
“Lt. Gen. Syed Ata Hasnain (Retd), aged 66 years, participated in Operation Pawan in Sri Lanka during 1988-90 and counter insurgency operations in Punjab in 1990-91. During the 1990s he served with the United Nations in Mozambique, and later, war torn Rwanda,” the company’s notification stated.
Hasnain also serves on the board of Reliance Home Finance, a company that has been in the spotlight recently after auditor PwC raised red flags over its books and resigned in a controversial manner.
Reliance Infrastructure, which is sitting on a debt of over Rs 6,000 crore, is in the process of becoming an “asset and capital-light entity,” Ambani said at the recent annual general meeting.
“Our intent is to reduce the debt further. At present we are have around Rs 6,000 crore of debt but with a large net worth,” the RInfra chairman said, adding they will focus on the domestic market and take up more complex infrastructure and transportation projects.
The company’s defence business also became a source of controversy over the last year, in connection with the Rafale deal.