Add The Wire As Your Trusted Source
HomePoliticsEconomyWorldSecurityLawScienceSocietyCultureEditors-PickVideo
Advertisement

Reliance Infra Appoints Retd Lt Gen Syed Ata Hasnain, Anil Ambani’s Sons to Board of Directors

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.
The Wire Staff
Oct 09 2019
  • whatsapp
  • fb
  • twitter
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.
Reliance Group chairman Anil Ambani. Photo: Reuters
Advertisement

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.

Advertisement


“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.

Advertisement

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.

This article went live on October ninth, two thousand nineteen, at eight minutes past seven in the evening.

The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.

Advertisement
Make a contribution to Independent Journalism
Advertisement
View in Desktop Mode