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Friday, August 19, 2022

India’s Ambani Hands Over Telecom Business to Son Akash

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In the first clear signs of a succession plan being charted out at India’s most valuable company, billionaire Mukesh Ambani resigned from the board of his USD 217 billion group’s telecom arm, Reliance Jio, and handed over the firm’s reins to elder son Akash.

In a stock exchange filing, Reliance Jio Infocomm Ltd on Tuesday said 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.”

This comes after his father resigned with effect from the close of working hours on June 27, it said.

Jio is a unit of Reliance Industries Ltd, whose business spans from oil refining and petrochemicals to retail, media and new energy.

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 thea creation of the ‘convergence dividend’ for over 500 million consumers, digitally and with high-inclusivity across geographies and income levels.

According to RIL officials, Akash 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.

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