Reliance Industries has declared the nomination of Hitesh Kumar Sethia as the Managing Director and Chief Executive Officer (CEO) of its subsidiary, Reliance Strategic Investments Limited (RSIL). The appointment received the board of directors’ endorsement during their meeting on July 7, 2023.
In an official statement, the company stated, “The board of directors, in its July 7, 2023 meeting, approved the appointment of Shri Hitesh Kumar Sethia as the Managing Director and Chief Executive Officer of RSIL for a three-year term.” However, the appointment is contingent on the consent of the company’s members, the Reserve Bank of India, and any other requisite regulatory approvals.
Hitesh Kumar Sethia brings an impressive track record and over two decades of experience in the financial services sector. He has held senior roles in renowned companies across Europe, Asia, and North America. Sethia is an alumnus of the Harvard Business School Executive Education, where he completed the Advanced Management Program. He is also a certified chartered accountant.
Sethia has dedicated the majority of his career to ICICI Bank, a prominent financial institution. During his tenure at ICICI, he gained extensive expertise and held leadership roles in various departments. He worked in areas such as credit, retail banking, transaction banking, and corporate banking, acquiring a comprehensive understanding of the financial services industry and the application of technology within it.
With experience across multiple countries, Sethia has amassed valuable insights into strategy formulation, market development, compliance, risk management, and team building. Notably, he played a crucial role in establishing and expanding operations for ICICI Bank in Canada and Germany. Sethia also served in senior and country head positions for ICICI Bank in the UK and Hong Kong, culminating in his role as the Head of Transaction Banking in Mumbai.
In 2022, Sethia assumed the role of Head of Europe at McLaren Strategic Ventures, a renowned company. In this capacity, he spearheaded growth initiatives for McLaren Strategic Solutions and McLaren Strategic Capital, while also overseeing the banking practice in strategic markets like India, the US, and the Middle East.
Currently residing in Frankfurt, Germany, Hitesh Kumar Sethia is expected to relocate to India to assume his new role at Reliance.