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

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

SUMMARY

While Reliance Industries CMD Mukesh Ambani stepped down as director of Reliance Jio, his son was appointed as the chairman of the telecom company, as per a regulatory filing

Pankaj Mohan Pawar was appointed as the managing director of Reliance Jio for a period of 5 years

Raminder Singh Gujral and K.V. Chowdary were appointed as independent directors on the board of Reliance Jio

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. 

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Akash Ambani Appointed Reliance Jio Chairman, Mukesh Ambani Steps Down As Director-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Akash Ambani Appointed Reliance Jio Chairman, Mukesh Ambani Steps Down As Director-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Akash Ambani Appointed Reliance Jio Chairman, Mukesh Ambani Steps Down As Director-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Akash Ambani Appointed Reliance Jio Chairman, Mukesh Ambani Steps Down As Director-Inc42 Media
Akash Ambani Appointed Reliance Jio Chairman, Mukesh Ambani Steps Down As Director-Inc42 Media
You’re in Good company