Mukesh Ambani steps down from Reliance Jio, son Akash named Chairman

Mumbai, June 28, 2022

Industrialist Mukesh Ambani has resigned as a Director from Reliance Jio Infocomm Limited (RJIL) and the company's Board today approved the appointment of his elder son Akash Ambani as the Chairman.

In a regulatory filing to the stock exchanges, RJIL said that the Board had noted the resignation of Mukesh Ambani as Director of the company effective from close of working hours on June 27.

It also approved the appointment of Akash Ambani, Non-Executive Director, as Chairman of the Board of Directors of the company, the filing said.

Pankaj Mohan Pawar has been appointed as Managing Director of the company for a period of five years, commencing from June 27, subject to approval of the shareholders.

The Board also approved the appointment of Raminder Singh Gujral and K. V. Chowdary as Additional Directors of the company, designated as Independent Directors for a period of five years commencing from June 27, subject to approval of the shareholders.

This is the first instance of Mukesh Ambani, 65, who continues to be Chairman and Managing Director of Reliance Industries Limited (RIL), the flagship of the group, taking a backseat in any of the group companies.

Akash Ambani, 30, has been closely involved with Jio from inception and also involved in the several acquisitions by the company and also in stake sale. Some of the acquisitions made in recent times include Haptik, Radisys, Tessaract and Saavn.

Overall, 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," industry watchers said.

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.

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 focused 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.

He 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.

Akash is expected to continue to operate on the cutting-edges of innovation and technology to encourage an ecosystem that will further digital solutioning and make the power of data and technology more accessible to all, including those who are still at the margin.

He is also expected to continue Jio’s efforts to build India into a highly inclusive, highly digital society.

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

NNN