Mukesh Ambani's elder son Akash Ambani has replaced his father as the chairman of Reliance Jio Infocomm Limited, the digital arm of Reliance Industries Limited. The appointment of Akash, a non-executive director, was confirmed during the company's board meeting on June 27. Ambani, 65, has three children - twins Akash and Isha and youngest son Anant.
Jio is a unit of Reliance Industries Limited. Incorporated in 1973, the company's business spans from oil refining and petrochemicals to retail, media and new energy. It is also India's most valuable company.
"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," Reliance Jio Infocomm Limited said in a stock exchange filing on Tuesday, adding that Mukesh Ambani resigned with effect from the close of working hours on June 27. Pankaj Mohan Pawar has been appointed as the Managing Director of the company.
The company in a press note said that Akash has been closely involved with the disruptive and inclusive growth path charted by the digital services and consumer retail propositions of Reliance group and is now leading the creation of the ‘convergence dividend’ for over 500 million consumers, digitally and with high-inclusivity across geographies and income levels.
Akash’s elevation as chairman of Reliance Jio Infocomm recognises the specific contributions made by him to the digital services journey and rededicates him to even higher levels of responsibilities, going forward.
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, the company said.
Notably, 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. He personally led the key acquisitions made by Jio in the digital space in the last few years and has also been keenly involved with the development of new technologies and capabilities including AI-ML and blockchain.
Akash was integrally involved in the trailblazing global investments by tech majors and investors in 2020, which in many ways catapulted Jio onto the global investor map.