Mukesh Ambani resigns from Jio, son Akash made chairman

File Photo of Mukesh Ambani
File Photo of Mukesh Ambani

New Delhi, June 29: 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 $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.

Ambani, 65, has three children - twins Akash and Isha and youngest son Anant.

It is widely anticipated that he may hand over the reins of the retail business to Isha, 30, who is married to Anand Piramal (son of Piramal Group's Ajay and Swati Piramal).

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