Sanjay Mashruwala steps down as MD of Reliance Jio

23 Apr 2024 , 01:04 PM

Sanjay Mashruwala, one of Reliance Jio’s two managing directors, has resigned, the business announced in a stock exchange filing. Mashruwala, 76, has been a prominent executive at Reliance since the company’s founding by Dhirubhai Ambani and has worked on a number of projects and business initiatives.

The other managing director, Pankaj Mohan Pawar, will remain in place, according to a BSE filing.

“The company’s statement announced that Sanjay Mashruwala, the Managing Director, has submitted his resignation as a Director of the company, effective June 9, 2024.”

Mashruwala, 76, is an established professional who has served as the company’s Managing Director since 2013. 

“The Board expressed its gratitude for the valuable contributions made by Sanjay Mashruwala during the company’s transformative journey,” the statement conveyed.

Sanjay Mashruwala, one of Reliance Jio’s two managing directors, has resigned, the business announced in a stock exchange filing. Mashruwala, 76, has been a prominent executive at Reliance since the company’s founding by Dhirubhai Ambani and has worked on a number of projects and business initiatives.

Sanjay’s resignation will be effective on June 9, 2024.

Reliance Jio Infocomm, a leading telecom provider, announced a 13% year-on-year increase in standalone net profit to ₹5,337 Crore for the quarter ended March 31, 2024.

The net profit for the equivalent quarter of the previous fiscal year was ₹4,717 Crore. The profit after tax increased by 2.4% from ₹5,208 Crore recorded in the December quarter.

Meanwhile, standalone operating revenue increased by 11% compared to ₹23,394 Crore in the previous year. On a sequential basis, sales increased by 2.3% compared to ₹25,368 Crore reported in October-December.

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