Anant Ambani, the youngest of billionaire Mukesh Ambani's children, has officially joined the board of Jio Platforms as an additional director.
The 25-year old was appointed on the board in March but joins the consumer technology arm of Reliance Industries Limited (RIL) at a time when it is looking at fast expansion with already received investments of Rs 78,562 crore from signs agreements from five international investors- Facebook Inc, private equity funds Silver Lake, Vista Equity Partners, General Atlantic and KKR. These five companies now collectively hold 17.12 percent in Jio Platforms.
Shares of RIL, which currently has the country's biggest rights issue open till 3 June, was trading lower by 0.5 percent at around 10:45 am on Wednesday.
Chairman and MD Mukesh Ambani's older and twin children Akash and Isha Ambani had joined the boards of RIL's telecom and retail ventures (Reliance Jio Infocomm and Reliance Retail) in 2014 when they were 24-year olds and have also joined the board of Jio Platforms since.
While at present Jio is largely a telecom business with over 388 million customers, it also includes Jio Cinema, Jio Saavn and Haaptik platforms. RIL has also spoken in the last annual general body meeting to take Jio Platform forward as a consumer-based digital business that would change the way Indians consume data in the form of music, movies and more.