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, a step is seen as succession planning by the 65-year-old billionaire.
The board of Reliance Jio, the telecom arm of oil-to-retail conglomerate Reliance Industries Ltd (RIL), has appointed Akash Ambani as its chairman, a regulatory filing stated on June 28.
Akash Ambani, the son of RIL chief Mukesh Ambani, had joined Jio in 2014. His elevation as the board chairman was announced along with the news of Mukesh Ambani stepping down as the director of Jio.
The board has also “approved the appointment of Akash M Ambani, non-executive director as chairman of the board of directors of the company”, it added.
He also led key acquisitions made by Jio in the digital space over the past few years, and has been involved with the development of new technologies and capabilities, the spokesperson added.
Reliance Industries, the parent company, is India’s most valuable private company with a market capitalisation of Rs 17.11 lakh-crore, as of Tuesday evening.