Mukesh Ambani resigns from the Reliance Jio Infocomm board, Akash Ambani appointed as chairman

Mukesh Ambani has resigned from the Reliance Jio board and given his eldest son Akash, control over the organisation. In what is thought of 65-year-old Mukesh Ambani's succession plan, his older son will now take over as Chairman of the board of Jio Infocomm, the digital business of Reliance Industries.

Akash Ambani, 30, served as a non-executive director on the board of Reliance Jio, the telecom and digital division of Reliance Industries Ltd. With more than 410 million subscribers, Reliance Jio is the largest telecom provider in India.

Mukesh Ambani will no longer serve as the Chairman of the firm, with effect from June 27. In a regulatory statement, Reliance Jio Infocomm stated that the board of the firm "accepted the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company" at a meeting held on June 27.

The board also authorised Pankaj Mohan Pawar's nomination as managing director of the business for a period of five beginning on June 27, 2022. For a five year term beginning on June 27, the company has appointed veteran bureaucrat Raminder Singh Gujral and one-time Central Vigilance Commissioner (CVC) KV Chowdhary as directors.

In its regulatory statement, Jio Infocomm said, " In accordance with the circular dated June 20,2018 issued by the Stock Exchanges, we hereby confirm that Raminder Singh Gujral and KV CHowdhary 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."

In Q4 FY22, Reliance Jio announced a net profit of Rs 4,173 crore, up from Rs 3,615 crore in the fiscal quarter ending in December. Compared to the same period last year, its freestanding operating revenue increased by 20.4%, reaching Rs 20,901 crore.