M L Bhakta, who had on Tuesday resigned from the board of Reliance Industries Ltd, has agreed to reconsider his resignation after RIL Chairman Mukesh Ambani met him on Wednesday afternoon, said a company statement.

Bhakta, who has been on the Board of Reliance Industries Limited since 1977, had in a letter addressed to the RIL chairman on Tuesday expressed his desire to resign as a director of the company on the grounds of age.

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During the meeting, Ambani recalled Bhakta's association with the company since its first IPO, the invaluable services rendered by him to Reliance Industries Limited as a valued colleague of the founder chairman of the company, Dhirubhai Ambani, and as a guide and mentor of the present leadership of the company thereafter, said the company statement.

Requesting Bhakta to reconsider his resignation, Mukesh Ambani said: "I cannot even imagine accepting it."