Mukesh Ambani has announced his resignation from the board of directors as well as chairman of Reliance Jio. He is replaced by eldest son Akash Ambani, who has been at the helm of several projects in Reliance Jio. In a stock exchange filing, Reliance Jio Infocomm said the company board has approved the appointment of Akash Ambani as the new chairman, while his father – Asia’s richest man – Mukesh Ambani will step down.
In what could be seen as a potential transformation into one of the world’s richest families that dominate many industries, the elevation of Akash Ambani to the role of director and chairman will open a new chapter for the telecom wing of Reliance Industries Which is the largest network in India. Has over 420 million subscribers.
Akash Ambani was the chairman in the making
Akash was instrumental in the launch of Jio along with his father Mukesh Ambani and was involved in major decisions for the company. He has delivered several keynote speeches at Reliance Industries’ annual general meetings, which are usually held around June or July. He is also expected to make an announcement about the transition to the next general meeting of Reliance Jio for wider outreach.
Jio’s expansion into various segments makes it all the more important for Aakash to drive the company’s growth ahead of competition from the Tata Group and Adani Group, both of which plan to make an aggressive push into India’s digital and entertainment sectors. . As and when the commercial deployment begins, Ambani will also lead Jio’s 5G plans in India.
Apart from appointing Akash Ambani as the new chairman, the board also appointed Pankaj Mohan Pawar as the managing director of the company for a period of five years beginning June 27.
After Mukesh Ambani’s resignation, son Akash Ambani is the new chairman of Reliance Jio, first appeared on BGR India.