Mukesh Ambani steps down as Reliance Jio director, Akash Ambani appointed as chairman

According to a regulatory filing made on June 28, the board of Reliance Jio, the telecom division of the oil-to-retail giant Reliance Industries Ltd (RIL), has named Akash Ambani as its chairman.

The board of Jio was joined by Akash Ambani in 2014, the son of RIL CEO Mukesh Ambani. His appointment as board chairman was made public simultaneously with Mukesh Ambani's resignation as Jio's director.

Jio informed the stock exchanges that the board of directors noted Mr. Mukesh D. Ambani's resignation as a director of the firm at its meeting on June 27, 2022, effective as of the end of business hours on that day.

Additionally, it stated that the board had "approved the appointment of Akash M. Ambani, Non-Executive Director, as Chairman of the Board of Directors of the Company."

The business added that the appointment of Raminder Singh Gujral and KV Chowdary as additional directors, each designated as an independent director, for a five-year term beginning on June 27, 2022, has been approved by the board.

It further stated that Pankaj Mohan Pawar's nomination as managing director of Jio had been authorised. However, approval from shareholders would be needed before the decision could be made.

In Q4FY22, Jio, which has assumed the top spot in the Indian telecom market, posted a net profit of Rs 4,173 crore, up from Rs 3,615 crore in the third quarter. When compared to the same time last year, the standalone revenue from operations increased by 20.4 percent, to Rs 20,901 crore.