- Thursday, February 27, 2025
By: Shubham Ghosh
INDIAN business tycoon Mukesh Ambani has stepped down from the board of Reliance conglomerate’s telecom arm, Reliance Jio, and handed over the reins to his elder son Akash Ambani. For many, this marked one of the initial steps towards the 65-year-old billionaire’s succession planning.
The junior Ambani had joined the board of Jio eight years ago. His elevation as the board chairman was announced along with the news of his father quitting as the director of Jio.
“The board of directors had 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.
It also added that the board “approved the appointment of Akash M Ambani, non-executive director as chairman of the board of directors of the company”..
The company also noted that the board cleared the appointment of Raminder Singh Gujral and KV Chowdary as additional directors of the company, designated as independent directors, for five years starting from June 27, 2022. Pankaj Mohan Pawar was also appointed as the managing director and the decision was approved, it was learnt. Pawar’s appointment would still require clearance from the stakeholders.
Jio, which leads India’s telecom sector, had reported a net profit of Rs 4,173 crore (£432 million) in Q4FY22, as compared to Rs 3,615 crore (£374 million) in the third quarter.
