RIL Appoints Hitesh K Sethia As New MD & CEO Of Reliance Strategic Investments Limited

Hitesh Kumar Sethia has been named Managing Director and Chief Executive Officer (CEO) of Reliance Strategic Investments (RSIL) by Reliance Industries. The appointment was authorised by the company's board of directors during their 7 July 2023 meeting.

The company stated in an official release, “The board of directors, at its meeting held on 7 July 2023, approved the appointment of Hitesh Kumar Sethia as the Managing Director and Chief Executive Officer of RSIL for a period of three years.” The nomination, however, is subject to approval by the company’s members, the Reserve Bank of India, and any other regulatory approvals that may be required.

Hitesh Kumar Sethia has an exceptional track record and over two decades of experience in the financial services industry. He has held executive positions in well-known corporations in Europe, Asia, and North America. Sethia attended Harvard Business School Executive Education and finished the Advanced Management Programme. In addition, he is a chartered accountant.

Sethia has spent the majority of his career with ICICI Bank, a well-known financial firm. He obtained substantial functional experience and held leadership roles in numerous areas during his time at ICICI. He worked in credit, retail banking, transaction banking, and corporate banking, giving him a thorough understanding of the financial services business and its application of technology.

Sethia has gained great knowledge in strategy design, market development, compliance, risk management and team building through her employment in numerous locations. Notably, he was instrumental in establishing and scaling ICICI Bank operations in Canada and Germany. Sethia has also held senior and country head positions for ICICI Bank in the United Kingdom and Hong Kong, his most recent job being Head of Transaction Banking in Mumbai.

Sethia joined the renowned McLaren Strategic Ventures as its Head of Europe in 2022. In this post, he oversaw the banking practise in critical markets such as India, the United States and the Middle East, as well as spearheading expansion strategies for McLaren critical Solutions and McLaren Strategic Capital.

Hitesh Kumar Sethia, who is now based in Frankfurt, Germany, is anticipated to relocate to India to take up his new position at Reliance.