Mukesh Ambani Resigns As Director From Reliance Jio: Akash Ambani Named Chairman

On Tuesday, Reliance Jio Infocomm Ltd, the digital arm of Reliance Industries announced that Ambani would resign as the director of the company effective from 27 June.

Appointment of Akash M Ambani As Chairman

On a meeting on 27 June, by the company board, Reliance Jio in a regulatory filing said that “approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company.”

Pankaj Mohan Pawar will take over as the Managing Director of the company from 27 June, as a part of other appointments.

Raminder Singh Gujral and KV Chowdary were appointed independent directors.

The company added that “In accordance with the circular dated June 20, 2018, issued by the Stock Exchanges, we hereby confirm that Raminder Singh Gujral and KV Chowdary are not debarred from holding the office of Director by virtue of any Securities and Exchange Board of India order or any other such authority”.

As a part of the leadership shift, Ambani said that his kids were taking more responsibilities. He added that he could see the same spark and potential of his father Dhirubhai Ambani – Reliance’s founder – for contributing to the country’s growth.

Established in 2019, Jio Platforms, wholly-owned by RIL, is an Indian technology company.

Shares of Reliance Industries closed at 2,529.00 apieace on BSE, 1.49% higher than yesterday’s close. At the NSE, it climbed by 1.50% to settle at ?2530.00 apiece.

Who is Akash Ambani?

With a major in Economics, Akash Ambani graduated from Brown University has been closely involved with the disruptive and inclusive growth path charted by the digital services and consumer retail propositions of Reliance group. 

Currently, he is also leading the creation of the ‘convergence dividend’ for over 500 million consumers.

Closely involved with the creation of the digital ecosystem around Jio’s 4G proposition, Akash 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.

He has also been involved with the key acquisitions made by Jio in the digital space in the last few years and has also been keenly involved with development of new technologies and capabilities including AI-ML and blockchain.