After Mukesh Ambani's resignation, Akash Ambani named Chairman of Reliance Jio

29 Jun 2022 , 09:57 AM

Mukesh Ambani has resigned from his position as Director of Reliance Jio Infocomm, the firm announced on Tuesday, with effect as of the end of business on June 27. According to a regulatory filing, Reliance Industries Ltd.’s (RIL) telecom division also stated that its board has authorized the nomination of Akash Ambani, a non-executive director of the business, as its Chairman.

Mukesh Ambani will continue to serve as the Chairman of Jio Platforms Ltd, the parent corporation of all Reliance Jio digital services brands.
“At their meeting on June 27, 2022, the board of directors approved the appointment of Akash Ambani, a Non-Executive director, as Chairman of the board of directors of the company, and noted Mukesh D. Ambani’s resignation as a Director of the company effective as of the close of business on June 27, 2022 “Reliance Jio, the telecom division of Reliance Industries Ltd (RIL), an oil-to-retail conglomerate, announced in a BSE filing on Tuesday.

The board of directors for Jio was joined in 2014 by Akash Ambani, the senior son of RIL CEO Mukesh Ambani. Reliance Jio Infocomm said in a statement that Akash’s promotion to the chairman “recognizes the unique contributions made by him to the digital services journey and re-dedicates him to even higher levels of responsibilities, moving forward.”

Jio, which has assumed the leader’s position in the Indian telecom industry, posted a net profit of Rs4,173 crore in the three months ending in March 2022, up from Rs3,615 crore the prior quarter.

According to the filing, among other resolutions, the board also authorized the nomination of Raminder Singh Gujral and K V Chowdary as Reliance Jio’s extra directors, designated as independent directors, for 5 years starting on June 27, 2022.

Additionally, it authorized Pankaj Mohan Pawar’s appointment as managing director of the firm for a period of five years beginning on June 27, 2022. The appointments are subject to shareholder approval.

Akash earned a degree in Economics from Brown University. He has played a key role in the ground-breaking and broad-based growth strategy put forth by the Reliance Group’s consumer retail and digital services offerings.

He played an important role in developing the online environment that supported Jio’s 4G offering. In 2017, he worked together with a group of technologists to develop and launch the Jiophone, which was designed with India’s needs in mind. This device quickly gained traction and enabled many users to switch from 2G to 4G.