Britannia Industries, the biscuits and dairy giant, has appointed former Reserve Bank of India governor Dr Urjit Patel as additional director of the company for a period of five years with immediate effect.
"This is to inform you that the Board of Directors of the company at their meeting held today 31 March, 2021, approved the appointment of Dr Urjit Patel, as an additional director of the company in the category of non-executive and independent director with effect from 31 March, 2021 for a term of 5 years i.e., upto 30th March, 2026, subject to approval of the shareholders of the company,” Britannia said in a statement to the stock exchange filing.
Appointed by the NDA government, Patel had succeeded Raghuram Rajan and served as the governor of RBI from 2016-2018. Prior to that, he was RBI’s deputy governor in charge of monetary policy. Currently, he is the chairman of the governing body of the National Institute of Public Finance and Policy. He serves on the investment advisory committee of the Army Group Insurance. Prior to public service, he had worked in the private sector for about fifteen years. Patel started his professional career at the International Monetary Fund. He has also been a consultant to the centre’s finance ministry.