Reliance Jio Infocomm on Tuesday said Mukesh Ambani has stepped down as the company’s director, effective from the close of working hours on June 27. The telecom arm of Reliance Industries Ltd (RIL) also said its board has approved the appointment of Akash Ambani, non-executive director of the company, as its chairman, according to a regulatory filing.
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.
“The board of directors has at their meeting held on June 27, 2022, noted the resignation of Mukesh D Ambani as director of the company effective from close of working hours on June 27, 2022; and approved the appointment of Akash Ambani, non-executive director as chairman of the board of directors of the company,” Reliance Jio, the telecom arm of oil-to-retail conglomerate Reliance Industries Ltd (RIL), said in a BSE filing on Tuesday.
Akash Ambani, the elder son of RIL chief Mukesh Ambani, had joined Jio’s board of directors in 2014. “Akash’s elevation as chairman of Reliance Jio Infocomm recognises the specific contributions made by him to the digital services journey and re-dedicates him to even higher levels of responsibilities, going forward,” the company stated in a statement.
Jio, which has taken the leadership position in the Indian telecom sector, had reported a net profit of Rs 4,173 crore in the March 2022 quarter, higher as compared with Rs 3,615 crore in the previous quarter.
Among other decisions, the board has also approved the appointment of Raminder Singh Gujral and K V Chowdary as Reliance Jio’s additional directors, designated as independent directors, for five years commencing from June 27, 2022, subject to the approval of the shareholders, according to the filing.
It also approved the appointment of Pankaj Mohan Pawar as the company’s managing director for five years commencing from June 27, 2022, subject to the approval of the shareholders.
Facts About Akash Ambani
Akash has graduated from Brown University with a major in Economics. He has been closely involved with the disruptive and inclusive growth path charted by the digital services and consumer retail propositions of Reliance group. He is now leading the creation of the ‘convergence dividend’ for over 500 million consumers, digitally and with high-inclusivity across geographies and income levels.
He 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 that became quite a revolutionary device to take many people out of 2G to 4G.
Akash 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 solutioning and make the power of data and technology more accessible to all, including those who are still at the margin,” the company said.