India’s richest businessman Mukesh Ambani has resigned as the director of Reliance Jio. His son Akash Ambani has been appointed the Chairman of the digital arm of Reliance Industries Limited.
The company said in its regulatory filing that the company’s board in its meeting on 27 June ‘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, while Raminder Singh Gujral and KV Chowdary have been appointed independent directors.
In 2020, it was reported how Mukesh Ambani and his wife Nita Ambani had embarked on an extraordinary succession plan with Akash, Isha Ambani and Anant Ambani to be included in a newly created family council.
Both Isha and Akash had played a key role in negotiations with Facebook, which invested a whopping $5.7 billion in Jio platform in 2020.