Mukesh Ambani resigns from the board of Reliance Jio, son Akash becomes chairman
Mukesh Ambani resigns from the board of Reliance Jio, son Akash becomes chairman

Mukesh Ambani resigns from the board of Reliance Jio, son Akash becomes chairman

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In the first clear signs of a succession plan at India’s most valuable company, billionaire Mukesh Ambani has resigned from the board of Reliance Jio, the telecom arm of his $217 billion conglomerate, and handed over the reins of the firm to eldest son Akash.

In a stock exchange filing, the board of Reliance Jio Infocomm Ltd on Tuesday approved the appointment of non-executive director Akash M Ambani as the chairman of the board of directors of the company, the company’s board said in a meeting on June 27. This comes after his father resigned with effect from the end of working hours on June 27, it said.

Jio is a unit of Reliance Industries Ltd, whose business spans from oil refining and petrochemicals to retail, media and new energy.

The 65-year-old Ambani has three children – twins Akash and Isha and youngest son Anant.

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It is widely speculated that he may hand over the reins of the retail business to 30-year-old Isha, who is married to Anand Piramal (son of Ajay and Swati Piramal of Piramal Group).

Among other appointments, Pankaj Mohan Pawar will take over as the Managing Director of the company from June 27.

Raminder Singh Gujral and KV Choudhary were appointed as independent directors.

In 2021, Ambani said that his children were taking on more responsibilities as part of the leadership shift. He said that he can see in his children the same spark and ability of their father Dhirubhai Ambani – the founder of Reliance – to contribute to the development of the country.

Some things to know about Akash Ambani

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– Akash Ambani, who graduated from Brown University with a major in economics, has been closely associated with the disruptive and inclusive growth path paved by Reliance Group’s digital services and consumer retail propositions and is now building on the ‘convergence dividend’ are leading. ‘ to more than 500 million consumers.

Aakash has been closely involved in building the digital ecosystem around Jio’s 4G proposition. He was closely involved with a team of engineers in inventing and launching the India-specific focus JioPhone in 2017, which turned out to be quite a revolutionary device to move multiple people from 2G to 4G.

– He personally led the major acquisitions made by Jio in the digital space over the past few years and is also deeply interested in developing new technologies and capabilities, including AI-ML and Blockchain.

Aakash was involved in global investments by tech majors and investors in 2020, which in many ways put Jio on the global investor map.

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