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Mukesh Ambani step down from board of Reliance Jio, Akash Ambani appointment as chairman

By Priyanka Verma 
Updated Date

New Delhi: On Tuesday, The board of Reliance Jio has approved the appointment of Akash Ambani as Chairman of the board after Mukesh Ambani resigned as the Director of the company on June 27. “The board of directors have at their meeting held on June 27, 2022 noted the resignation of Mr Mukesh D Ambani as director of the company effective from close of working hours on June 27, 2022,” Jio informed the stock exchanges.

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Mukesh Ambani will continue to be the Chairman of Jio Platforms Ltd, the flagship company that owns all Jio digital services brands including Reliance Jio Infocomm. In a stock exchange filing, Reliance Jio 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.”

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 explained that Akash has been closely involved with the creation of the digital ecosystem around Jio’s 4G proposition. “He was closely involved with a team of engineers in inventing and launching an India-specs focussed Jiophone in 2017 which became quite a revolutionary device to take many people out of 2G to 4G,” noted the firm.

Shares of Reliance Industries closed at 2,529.00 apieace on BSE, 1.49% higher than yesterday’s close. At the NSE, it climbed by 1.50% to settle at ₹2530.00 apiece. According to TRAI data, India’s largest telecom operator, Reliance Jio, had gained 16.8 lakh mobile subscribers in April, cementing its lead in the market.

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