comScore
Active Stocks
Wed Nov 29 2023 13:11:23
  1. Tata Steel share price
  2. 127.6 0.59%
  1. Wipro share price
  2. 406.3 2.36%
  1. Tata Motors share price
  2. 701.1 0.5%
  1. State Bank Of India share price
  2. 567.55 0.53%
  1. HDFC Bank share price
  2. 1,549.75 1.32%
Business News/ Companies / News/  Mukesh Ambani resigns from Reliance Jio, Akash Ambani named chairman
Back Back

Mukesh Ambani resigns from Reliance Jio, Akash Ambani named chairman

Mukesh Ambani has resigned as Director of Reliance Jio effective from 27 June
  • Pankaj Mohan Pawar will take over as the Managing Director of the company from 27 June
  • Reliance Industries Chairman Mukesh Ambani with his grandson Prithvi Akash Ambani and his son Akash Ambani during the Arangetram ceremony of Radhika Merchant, at Jio World Centre, in Mumbai. (ANI Photo)Premium
    Reliance Industries Chairman Mukesh Ambani with his grandson Prithvi Akash Ambani and his son Akash Ambani during the Arangetram ceremony of Radhika Merchant, at Jio World Centre, in Mumbai. (ANI Photo)

    The digital arm of Reliance Industries, Reliance Jio Infocomm Ltd, on Tuesday announced that Ambani would resign as the director of the company effective from 27 June.

    In a regulatory filing, Reliance Jio said the company's board at a meeting on 27 June, "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 will take over as the Managing Director of the company from 27 June.

    Raminder Singh Gujral and KV Chowdary were appointed independent directors.

    In 2021, Ambani said that his kids were taking more responsibilities as part of the leadership shift. He said he could see in his children the same spark and potential of his father Dhirubhai Ambani – Reliance’s founder – for contributing to the country's growth.

    Few things to know about Akash Ambani

    - Akash Ambani, who has graduated from Brown University with a major in Economics, 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.

    - 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 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.

    The Board of Directors have at their meeting held on 27 June, 2022:

    (a) approved the appointment of Raminder Singh Gujral and KV Chowdary, as Additional Directors of the Company, designated as Independent Directors for a period of 5 (five) years commencing from 27 June, 2022, subject to approval of the shareholders

    (b) approved the appointment of Pankaj Mohan Pawar as Managing Director of the Company for a period of five (5) years commencing from 27 June, 2022, subject to approval of the shareholders

    (c) noted the resignation of Mukesh D Ambani as Director of the Company effective from close of working hours on 27 June, 2022

    (d) approved the appointment of Akash M Ambani, Non-executive Director as Chairman of the Board of Directors of the Company.

    "In accordance with the circular dated June 20, 2018, issued by the Stock Exchanges, we hereby confirm that Raminder Singh Gujral and KV Chowdary are not debarred from holding the office of Director by virtue of any Securities and Exchange Board of India order or any other such authority," the company added.

    Established in 2019, Jio Platforms, wholly-owned by RIL, is an Indian technology company.

    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.

    Milestone Alert!
    Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

    ABOUT THE AUTHOR
    Meghna Sen
    Business journalist tracking markets, companies, economy and crypto for Livemint. She has 6 years of experience with online and print publications. Email: meghnasen08@gmail.com
    Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
    More Less
    Updated: 28 Jun 2022, 05:09 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App