Britannia Taps Ex-RBI Chief Urjit Patel for Board Role

Urjit Patel, a former governor of the Reserve Bank of India (RBI), has been added to the board of Britannia Industries as an additional non-executive independent director for a period of five years. According to an exchange filing on July 2, this decision is awaiting approval at the upcoming Annual General Meeting set for August 12, 2024.

From 2016 to 2018, Urjit Patel held the position of 24th Governor of the Reserve Bank of India. He brings a variety of expertise to his current position. Beginning in January 2013, Patel served as the RBI’s Deputy Governor before taking office as governor. He also took part in the G-20, BRICS Finance Ministers, and Central Bank Governors groups during this time as a Deputy. Patel also held positions on the Financial Stability Institute Advisory Board and the Bank for International Settlements.

Patel most recently worked at the Asian Infrastructure Investment Bank as Vice President (Investment Operations, Region 1) from 2022 to 2024. Britannia Industries is anticipated to greatly benefit from his vast experience in both domestic and international financial institutions.

Apart from the nomination of Patel, Sunil Lalbhai was also named by the Britannia board as the Chairman and Managing Director of Atul Limited, with the same term of five years. Lalbhai is a well-known leader at Atul Limited, and the board will benefit much from his experience.

Britannia Industries has made these appointments as part of a plan to bolster its governance and add seasoned experts with deep backgrounds in corporate leadership and finance management. The incorporation of prominent individuals highlights the organization’s dedication to improving its corporate governance structure and promoting enduring expansion.

As a major force in the Indian FMCG market, Britannia Industries keeps coming up with new ideas and growing its business. Urjit Patel and Sunil Lalbhai’s key hires are expected to enhance the company’s market position and make a beneficial impact on its future undertakings.

The important opportunity for shareholders to approve these noteworthy board appointments will come at the next AGM. Britannia hopes to use the broad experience of these newly appointed directors to help it navigate the changing regulatory and market environments.