Reliance Industries chairman Mukesh Ambani has resigned from the board of Reliance Jio handing over reigns to his elder son Akash Ambani, who will be Chairman of the Board of Directors.
In a stock exchange filing, Reliance Jio Infocomm said the company's board has approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company."
It said that the Board of Directors in their meeting held on June 27 noted the resignation of Mukesh D Ambani as Director of the company effective from the close of working hours on June 27, 2022.
Akash has been closely involved with the disruptive and inclusive growth path charted by the digital services and consumer retail propositions of Reliance group and is now leading the creation of the 'convergence dividend' for over 500 million consumers, digitally and with high-inclusivity across geographies and income levels.
His elevation as Chairman of Reliance Jio Infocomm recognises the specific contributions made by him to the digital services journey and rededicates him to even higher levels of responsibilities, going forward.
Mukesh Ambani will continue to be the Chairman of Jio Platforms Ltd, the flagship company that owns all Jio digital services brands including Reliance Jio Infocomm.
Akash Ambani, who has graduated from Brown University with a major in Economics, has been closely involved with the creation of the digital ecosystem around Jio's 4G proposition.
He was closely involved with a team of engineers in inventing and launching an India-specs focussed Jiophone in 2017 which became quite a revolutionary device to take many people out of 2G to 4G.
Akash personally led the key acquisitions made by Jio in the digital space in the last few years and has also been keenly involved with the development of new technologies and capabilities including AI-ML and blockchain.
He was integrally involved in the trailblazing global investments by tech majors and investors in 2020, which in many ways catapulted Jio onto the global investor map.
Akash is expected to continue to operate on the cutting-edges of innovation and technology to encourage an ecosystem that will further digital solutions and make the power of data and technology more accessible to all, including those who are still at the margin.
He will continue Jio's efforts "to build India into a highly inclusive, highly digital society".
According to the filing on stock exchanges, Pankaj Pawar has been appointed Managing Director of Reliance Jio Infocomm for the next five years.
The Board has also approved the appointment of Raminder Singh Gujral and K.V. Chowdary, as Additional Directors of the Company, designated as Independent Directors for a period of five years commencing from June 27, 2022, subject to the approval of the shareholders.