Reliance Jio: Mukesh Ambani Resigns as Director | Akash Ambani Named Board Chairman

According to the sources, in a BSE filing on Tuesday, Reliance Jio stated that the board of directors had authorized the reservation of Akash Ambani, a non-executive director, as chairman of the board of directors and had noted Mukesh D. Ambani’s withdrawal as a director of the company, effective as of the end of business on June 27, 2022.

According to a regulatory filing, Reliance Industries Ltd.’s (RIL) telecom division also stated that its board has authorized the nomination of Akash Ambani, a non-executive director of the business, as its chairman. Mukesh Ambani will continue to serve as the chairman of Jio Platforms Ltd, the parent company of all Reliance Jio digital services brands.

Akash Ambani and Others

The board of directors for Jio was joined in 2014 by Akash Ambani, the senior son of RIL CEO Mukesh Ambani. Akash Ambani’s promotion to chairman of Reliance Jio Infocomm, according to the business, recognizes the unique contributions he has made to the development of digital services and re-dedicates him to even greater levels of the responsibility moving forward.

Jio, which has assumed the top spot in the Indian telecom industry, posted a net profit of Rs 4,173 crore in the three months ending in March 2022, up from Rs 3,615 crore the prior quarter.

As per the filing, among other resolutions, the board also authorized the nomination of Raminder Singh Gujral and K V Chowdary as Reliance Jio’s extra directors, designated as independent directors, for five years starting in June 27, 2022, subject to the approval of the shareholders.

Additionally, subject to shareholder approval, it authorized Pankaj Mohan Pawar’s appointment as managing director of the firm for a period of five years beginning on June 27, 2022.

About His Background

Akash Ambani earned a degree in Economics from Brown University. He has played a key role in the innovative and inclusive growth strategy put forth by the Reliance Group’s consumer retail and digital services offerings.

He is presently driving the digital, highly inclusive production of the “convergence dividend” for over 500 million consumers across all socioeconomic strata. He played a key role in developing the online environment that supported Jio’s 4G offering.

In 2017, he worked together with a group of engineers to develop and release the Jiophone, which was designed with India’s needs in mind. This device quickly gained popularity and enabled many users to switch from 2G to 4G.

Akash played a crucial role in the ground-breaking international investments made by digital giants and investors in 2020, which helped Jio become well-known among investors worldwide.

According to the company, Akash is anticipated to keep pushing the boundaries of innovation and technology to support an ecosystem that will advance digital solutions and make the strength of data and technology more approachable to everyone, especially those who are still on the margins.

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