Mukesh Ambani resigns as director of Reliance Jio, Akash Ambani named chairman of firm

In a massive development on Tuesday, the digital arm of Reliance Industries, Reliance Jio Infocomm Ltd, announced that  Mukesh Ambani would resign as the Director of the company effective from 27 June. The reins of Reliance Jio Infocomm Ltd was handed over to his son, Akash Ambani. 

In a stock exchange filing, Reliance Jio Infocomm said the company's board at a meeting approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company.

Raminder Singh Gujral and KV Chowdary- Additional Directors

Jio, in a statement, also stated that its board has approved the appointment of Pankaj Mohan Pawar as the Managing Director of the company. Also, of Raminder Singh Gujral and K.V. Chowdary, as Additional Directors of the firm. They have been designated as Independent Directors for a period of 5 (five) years commencing from June 27, 2022.

"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 said.

'Reliance in process of effecting a momentous leadership transition'

Reliance has three broad businesses - oil refining and petrochemicals, retail and digital services that include telecom. While retail and digital services are housed in separate wholly-owned subsidiaries, the oil-to-chemical or O2C business is a functional division of Reliance. The new energy business is also with the parent firm.

The three businesses are almost equal in size. Of the three children of Ambani, while Akash and Isha have been both active in the group's new-age businesses of retail and telecom, Anant has been looking at the renewable energy and oil and chemical units of Reliance as a director. Ambani first spoke of a succession plan at Reliance Family Day, which marks the birth anniversary of the group's founder Dhirubhai Ambani, on December 28 last year. Reliance, he had said, is "now in the process of effecting a momentous leadership transition."

Prior to that, at the company's annual general meeting (AGM) in June 2021, he had indicated that his children will now find a prominent place in the family's vast empire. He had said: "I have no doubt whatsoever that the next generation of leaders at Reliance, led by Isha, Akash and Anant, will further enrich this precious legacy."