Reliance group’s head honcho Mukesh Ambani has resigned from his position of chairman at Reliance Jio, handing over the reins to his eldest son Akash Ambani. The latest step is seen as a succession planning by the 65-year old billionaire and Asia’s richest man, as per Forbes.
Mukesh Ambani took over from his father Dhirubhai Ambani as the Director of Reliance Industries in 2002. Under his tutelage, the group has reached a market cap of $243 billion.
To support Akash in his newest endeavour, Reliance Jio has also announced the appointment of Pankaj Mohan Pawar as the Managing Director along with Raminder Singh Gujral and KV Chowdary as independent directors for the next five years. The appointments were effective from June 27.
The approval of Akash’ appointment was taken in the recent stock exchange filing on June 27 where the Reliance Jio Infocomm’s board “approved the appointment of Akash M Ambani, non-executive director, as the chairman of the board of directors of the company.”
Prior to the new role, Akash was taking active roles in various aspects of Reliance Group as well as being the chief promoter of India Premier League’s most successful franchise, Mumbai Indians. The cricket team is also sponsored and promoted by Reliance Jio.