New Delhi, Oct 30: In a surprise move, Niira Radia, owner and promoter of Vaishnavi Group which has mandate from Tata group and Mukesh Ambani-led Reliance Industries Limited, has announced her exit from the business of communication consultancy.
“To give precedence to my personal priorities of family and health, I have decided against renewing any client mandates and to exit the business of communications consultancy,” she said in a statement.
It is a painful decision, taken after much consideration and consultations, the statement added.
Radia had been in news related to 2G controversy in the recent past. She was in media glare last year when leaked tapes of her conversations appeared in the media. Although there was no charge against her, she was named as a witness by the investigating agency.
Reacting to her surprise decision, Tata Group chairman Ratan Tata said, “The Tata Group respects the personal wishes of Niira Radia in not renewing any client mandates. She has built Vaishnavi from scratch into the company it is today, often subordinating her personal and family interests in favour of her clients' priorities.”
Vaishnavi has had the PR mandate of the Tata Group since 2001 during which period it contributed significantly to the building of the Tata Brand, he said. Vaishnavi's engagement with the Group has been ethical and satisfactory, he added.
A Reliance Industries spokesman said, “We regret the decision of Niira Radia to discontinue her association with the business of communications consultancy and not renew any of her client mandates.
“We have enjoyed a professional and fulfilling relationship with Radia and her team over the last three years.”
“Radia's commitment has been very impressive and she has always led her team in a manner that tactical developments do not lead to a de-focus on the strategic issues. “We do appreciate and respect her wishes for a compelling need to focus on her family and personal issues.
“Radia leaves behind a very capable team and an indelible mark on the communications consultancy business...., the RIL spokesperson added.
“I thank our key clients for their understanding and mutual agreement to bring closure to this decision. I am also grateful to them for their support in taking my decision to its logical conclusion, offering assistance in mitigating the damages and thereby fulfilling all our existing contractual commitments,” Radia said in her statement.