Aditya Birla Fashion and Retail Ltd on Monday announced appointments of Ananyashree Birla and Aryaman Birla, children of its Chairman Kumar Mangalam Birla, as additional non-executive directors on its board.

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The board of directors at its meeting held on Monday, based on the recommendation of the nomination and remuneration committee, has approved the appointments of Ananyashree and Aryaman as additional non-executive directors on the board of the company with effect from January 30, 2023, Aditya Birla Fashion and Retail Ltd (ABRFL) said in a regulatory filing.

They will be liable to retire by rotation in accordance with the Companies Act, 2013 and their appointment is subject to the approval of the shareholders, it added.

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Ananya is a successful business woman and platinum selling artist, the company said, adding her first company Svatantra Microfin Pvt Ltd is amongst India’s fastest growing microfinance institutions.

It has crossed an asset under management of USD 1 billion with over 7,000 employees and had successfully acquired Micro Housing Finance Corporation Ltd in 2018.

She is also the founder of design-led home decor brand Ikai Asai. She has also co-founded Mpower, and advocates the need for conversations around mental health in India.

On the other hand, Aryaman comes with diverse experience, including entrepreneurship, VC investing, and professional sport, the filing added.

He is closely involved with several businesses of the Aditya Birla Group.

"In consultation with the Group Chairman Kumar Mangalam Birla, he is actively championing the Group’s foray into newage businesses," the company said, adding, he also helped incubate the group’s D2C platform TMRW and is a director on its board. He is also spearheading the group’s venture capital fund Aditya Birla Ventures. Prior to joining ABG, he was a first-class cricketer, it added.

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"Ananya and Aryaman’s exceptional individual achievements in their chosen fields and early success with their independent entrepreneurial ventures set them up well for larger responsibilities," Aditya Birla Group Chairman Kumar Mangalam Birla said in a statement.

He further said, "Their nuanced understanding of new-age business models and emerging shifts in consumer behaviour will infuse fresh energy to the board of ABFRL."

In the last few years, ABFRL has entered multiple new emerging segments such as ethnic wear — including partnerships with Indian designers, luxury, sportswear and new age businesses through its digital venture TMRW. The ABFRL platform is now poised for a new wave of exponential growth, Birla added.

Ananya and Aryaman have recently been inducted as directors on the board of Aditya Birla Management Corporation Pvt Ltd, the apex body that provides strategic direction to the Aditya Birla Group’s businesses.

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First Published:Jan 30, 2023 10:26 PM IST