Mukesh Ambani, the Chairman of Reliance Industries has resigned from the Board of Reliance Jio handing over the reigns of the telecom giant to his elder son Akash Ambani, news agency PTI reported on Tuesday evening. In an exchange filing, Reliance Jio Infocomm reportedly said that the company’s board at a meeting on June 27, “approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company.” The filing said that the appointment of Akash Ambani comes after his father resigned with effect from the close of working hours on June 27.
Akash Ambani was already serving as the non-executive director of Reliance Jio and has played an active role in the company over the last few years. Along with his twin Isha Ambani, Akash was at the helm of affairs during Reliance Industries’ mega divestment spree of 2020 where Google, Facebook, General Atlantic and even Saudi Arabia’s sovereign Public Investment Fund (PIF) invested in the retail and digital units of the company.
Among other appointments, Pankaj Mohan Pawar was appointed Managing Director of the company for five years beginning June 27. Raminder Singh Gujral and KV Chowdary were appointed independent directors, it added
Earlier last year, Mukesh Ambani had hinted at a leadership transition at the helm of affairs of Reliance Industries Ltd (RIL). “All seniors — myself included — should now yield to the highly competent, extremely committed, and incredibly promising young leadership talent at Reliance,” Mukesh Ambani said in December at the Reliance Family Day, which marks the birth anniversary of the group’s founder Dhirubhai Ambani.