Reliance Industries on Friday introduced the appointment of Srikanth Venkatachari as Chief Monetary Officer efficient June 1. In response to a inventory alternate submitting by the corporate, Srikanth will take over from Alok Agarwal, who has been CFO since 2005 and now has been appointed senior advisor to firm chairman and managing director Mukesh Ambani.
Srikanth Venkatachari, 57, has been the Joint Chief Monetary Officer of Reliance since 2011. He has been with Reliance for the final 14 years. Beforehand, he labored with Citibank, the place he was in foreign currency trading and derivatives and later turned the pinnacle of markets.
Alok Agarwal, 65, who joined Reliance in 1993, accomplished 30 years with the corporate.
“Agarwal, Chief Monetary Officer of the corporate will assume a brand new position as Senior Advisor to the Chairman and Managing Director of the corporate aiding him on a variety of strategic points with impact from June 1, 2023, after 30 years of distinguished service,” the submitting stated.
Agarwal was appointed because the CFO of the corporate in 2005. “The Board appreciated Alok Agarwal for his contribution within the transformative journey of the corporate,” it added.
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In response to a report by MoneyControl, Alok Agarwal has studied at IIT Kanpur and IIM Ahmedabad. He joined Reliance Industries in 1993. Previous to RIL, he had labored with Financial institution of America for 12 years.
The report says Agarwal was essential to RIL’s exponential enlargement over the past 30 years. Reliance had a steadiness sheet dimension of Rs 6,100 crore and an annual turnover of Rs 4,100 crore when he joined. The corporate’s gross sales elevated by roughly 240 instances whereas he was CFO. In FY22, RIL turned the primary agency in India to cross $100 billion in annual turnover, and within the first 9 months of FY23, it has already reached $90 billion. By the tip of September 2022, the scale of the steadiness sheet had elevated by 260 instances, to over Rs 16.25 lakh crore.