Reliance Jio Board approves Akash Ambani’s Appointment As Chairman, Mukesh Ambani Resigns

In a big development, Mukesh Ambani has resigned from the board of his group's telecom arm, Reliance Jio and handed over the reins of the company to elder son Akash Ambani, a step seen as succession planning by the 65-year old billionaire, according to a PTI report.

As per a stock exchange filing, Reliance Jio Infocomm said 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."

This comes after his father resigned with effect from close of working hours on June 27, it said. 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.

Reliance Jio Infocomm Limited, doing business as Jio, is an Indian telecommunications company and a subsidiary of Jio Platforms, headquartered in Navi Mumbai, Maharashtra, India.

The appointment of Akash Ambani as chairman of Reliance Jio Infocomm brings a clarity on the company's leadership going ahead as it plans its Initial Public Offering (IPO). Reliance Industries, in its annual general meeting (AGM) in 2019, had said that the company was planning to launch Jio's IPO within five years, according to a report in CNBC TV18.