Former Reserve Bank of India (RBI) governor Urjit Patel has joined Britannia Industries’ board as an extra non-executive independent director for a five-year term. This move is seeking approval at the forthcoming Annual General Meeting scheduled for August 12, 2024, according to an exchange filing on July 2.
Urjit Patel served as the Reserve Bank of India’s 24th governor from 2016 to 2018. He offers a wide range of experience to his current role. Prior to becoming governor, Patel was the RBI’s deputy governor, starting in January 2013. During this time, he participated as a deputy in the G-20, BRICS Finance Ministers, and Central Bank Governors groups. In addition, Patel served on the boards of the Bank for International Settlements and the Financial Stability Institute Advisory Board.
From 2022 to 2024, Patel held the position of Vice President (Investment Operations, Region 1) at the Asian Infrastructure Investment Bank. His extensive background in domestic and international financial organizations is expected to be of significant use to Britannia Industries.
In addition to Patel’s nomination, Sunil Lalbhai was also designated by the Britannia board to serve as Atul Limited’s chairman and managing director for a five-year tenure. Lalbhai is a well-known leader at Atul Limited, and his knowledge will be very helpful to the board.
These appointments are a part of Britannia Industries’ strategy to strengthen its governance and add seasoned professionals with extensive expertise in finance management and corporate leadership. The inclusion of notable persons underscores the organization’s commitment to enhancing its corporate governance framework and fostering sustainable growth.
Britannia Industries, a significant player in the Indian FMCG industry, never stops innovating and expanding its operations. Key hires made by Urjit Patel and Sunil Lalbhai are anticipated to improve the company’s standing in the market and have a positive effect on its upcoming projects.
At the upcoming AGM, shareholders will have a crucial chance to ratify these notable board nominations. With the support of these recently appointed directors’ extensive experience, Britannia intends to successfully navigate the shifting regulatory and market situations.
