Mukesh Ambani steps down from Reliance Jio and Akash Ambani to take his place

Mukesh Ambani steps down from Reliance Jio and Akash Ambani to take his place

Reliance Geoinfocom Limited, the digital division of Reliance Industries, announced on Tuesday that Mukesh Ambani will resign from its board of directors on June 27. Reliance Jio said in a regulatory filing that the company’s board of directors “approved the appointment of part-time director Akash M Ambani as chairman of the company’s board” on June 27.

 In particular, Pankaj Mohan Pawar will take over the management of the company from June 27th. Raminder Singh Gujral and KVC howdy have been appointed as independent directors.  In 2021, Ambani said his children would take on more responsibilities as part of the leadership change. He said his father, Dhirubhai Ambani, the founder of the Reliance, sees in his children the same sparks and possibilities that contribute to the country’s growth.  The Board of Directors also approved the appointment of Pankaj Mohan Powerle as Managing Director of the Company for five years starting June 27, 2022. 

Singh Gujral and KVC howdary are not prohibited by the order of the Indian Stock Exchange or other authorities from holding a post of director, “the company said. She added that FY22’s KVK howdary had been appointed as an independent director compared to Rs. 3,615 Chlore in the December quarter of the fiscal year. This was after his father resigned on June 27, after the store closed, sources said.  Among other appointments, Pankaj Mohan Pawar was appointed CEO of the company for a five-year term starting June 27.

Mukesh Ambani will continue to be Chairman and Chief Executive Officer of Reliance Industries Ltd (RIL) and Chairman of Jio Platforms Ltd, the parent company of all Jio digital services brands, including RelianceJioInfocomm. Broadly speaking, Reliance operates in three key business segments: petrochemicals and digital services, including petroleum refining, retail, and telecommunications. The Oil-to-Chemical (O2C) business is a functional division of the Reliance, with retail and digital services managed by separate, fully owned companies.

The parent company also has a new energy department. Mukesh Ambani’s firstborn will replace him as chairman of the conglomerate’s telecommunications sector, bringing leadership change to one of Asia’s wealthiest families.  Akash Ambani, 30, a non-executive director at India`s No.1 wireless carrier Reliance Jio Infocomm Ltd., was appointed chairman of the board. An exchange filing Tuesday said Mukesh Ambani resigned from the board while staying as chairman of the holding company. Ambani resigned from the board, the company said in an exchange filing Tuesday, while staying as chairman of the holding company.


Mukesh Ambani’s children have officially taken on more responsibilities for the first time since he suggested last year that they would be taking on more duties. Akash was part of teams that negotiated Meta Platforms Inc.`s investment into Jio`s parent, besides leading other key acquisitions.

The move by Mukesh Ambani indicates that he is taking the next step in redefining his role in the group, said Kavil Ramachandran, a professor and executive director at the Thomas Schmidheiny Centre for Family Enterprise at the Indian School of Business in Hyderabad. “I hope he’s taken all necessary steps to make this succession successful by putting the right team around Akash Ambani.”

Asia’s wealthiest man looks to the Walton family playbook as a succession plan

 Ambani has been investigating billionaire families since the 1930s, including the Waltons and the Kochs, who passed their wealth down to the next generation.     

Recently, the process has intensified, Bloomberg reported last year. The tycoon is aiming for the next layer of his $ 217 billion empire blueprint aimed at avoiding the war of succession involving so many wealthy clans, including himself. Akash Ambani, a graduate of Brown University, studied economics. He married his childhood lover Sloka Mehta, the daughter of a Mumbai-based diamond dealer and jeweller. They had a son, Prithvi, in 2020.

In addition to Akash, he has a twin sister named Isha, and a younger brother named Anant. His collection was born when the Reliance Group, dominated by fossil fuel profits, focused on consumer products. Since its debut in 2016, Jio has rocked the Indian telecommunications industry with free calls and cheap data, forcing it to merge from about 12 companies four years ago to three companies to reduce the number of carriers. Mukesh Ambani will continue to be Chairman of Jio Platforms Ltd. Become the flagship company that owns all brands of Jio Digital Services, including Reliance JioInfocom.

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Reliance explained that Akash is closely involved in creating a digital ecosystem centred around Jio’s 4G products. ” A team of engineers worked closely with him in 2017 to create and launch the Jiophone, a phone aimed at Indian specifications that enabled people to upgrade from 2G to 4G. It has become a very innovative device for the company, “said the company.

BSE’s Reliance Industries shares rose 1.49 per cent from Monday and closed at Rs 2,529.00  per share. In NSE, it increased by 1.50% to 2530.00 rupees per piece.

 Meanwhile, according to recent TRAI data, Reliance Jio added 16.8k mobile subscribers in April to strengthen its market leadership, and Bharti Airtel added 8.1lacs users.

Some things you need to know about Akash Ambani


 -Akash Ambani, a degree in economics from Brown University, is deeply involved in  the disruptive and comprehensive growth path envisioned by the Reliance Group’s digital services and consumer retail services, and is now “convergence dividends.” Is leading the creation of. `For more than 500 million consumers. –Akash has been closely involved in creating a digital ecosystem centred around Jio’s 4G products. He worked closely with a team of engineers to invent and launch the Jiophone in 2017 with a focus on Indian specifications. It has become a highly innovative device that has brought a lot of people from 2G to 4G.

 -He led Jio’s major acquisitions in the digital space in recent years and has been deeply involved in the development of new technologies and features such as AI-ML and Blockchain.

-Akash contributed to the breakthrough global investment of technology majors and investors in 2020, pushing Jio to the global investor map in various ways. The Board of Directors met at a meeting on June 27, 2022:

 (A) Approved appointing Raminder Singh Gujral and KVC howdary, who has been appointed as independent directors for five years from June 27, 2022, subject to shareholder approval as additional directors of the Company.

 (B) Approved to appoint of Panjaj Mohan Pawar as Executive Director of the Company for five years from June 27, 2022, subject to shareholder approval.

 (C) It was noted that Mukesh Ambani resigned from the board of directors of the Company upon the closing of business on June 27, 2022.

 (D) Approved the appointment of Akash M Ambani, a non-executive director, as Chairman of the Board of Directors of the Company. ” A notice from the Exchange dated June 20, 2018, confirms that Raminder Singh Gujral and KVC Howdary are not prohibited from serving as directors by the Indian Stock Exchange or other authorities.  “The added company. Founded in 2019 and 100% owned by RIL, Jio Platforms is an Indian technology company.  Reliance Industries’ BSE shares closed at 2,529.00 shares, up 1.49% from yesterday’s closing price. At  NSE, it was up 1.50% to £ 2530.00 per share.

edited and proofread by nikita sharma

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