Akash Ambani Appointed Reliance Jio Chairman, Mukesh Ambani Steps Down As Director

Reliance Jio Infocomm Ltd, the telecom subsidiary of Reliance Industries Ltd, on Tuesday (June 28) announced that Mukesh Ambani has resigned as company director effective from the close of working hours on June 27, 2022.

In a regulatory filing, Reliance Jio also stated that its board approved the appointment of Akash Ambani, non-executive director and Mukesh Ambani’s son, as the chairman of the company. 

Besides these, 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 5 (five) years commencing from June 27, 2022”.

Reliance Jio’s board also approved the appointment of Pankaj Mohan Pawar as the managing director of the company for a period of five years commencing from June 27, 2022.

The appointment of Gujral, Chowdary, and Pawar is subject to the shareholders’ approval.

“In accordance with the circular dated June 20, 2018, issued by the stock exchanges, we hereby confirm that Mr. Raminder Singh Gujral and Mr. K. V. Chowdary are not debarred from holding the office of Director by virtue of any Securities and Exchange Board of India order or any other such authority,” the filing added.

As per the telecom subscription data released by the Telecom Regulatory Authority of India (TRAI), Reliance Jio added over 1.6 Mn wireless subscribers in April. The telecom operator continued to lead the broadband segment, accounting for 52.15% of India’s total user base, followed by Bharti Airtel with 31.61% share.

Meanwhile, Reliance Jio’s market opportunity continues growing with an increase in the country’s total wireless subscribers. India’s total wireless subscribers grew 0.05% month-on-month (MoM) to 1,142.66 Mn at the end of April 2022.

Shares of Reliance Industries closed 1.5% higher at INR 2,529 on the BSE on Tuesday.