Reliance Jio MD Sanjay Mashruwala Resigns

Some PE Investors In Reliance Jio May Look For An Exit Soon, Says Bernstein

SUMMARY

Sanjay Mashruwala, who took on the role of Reliance Jio Infocomm’s MD in 2013, will cease to be the director of the company with effect from June 9

Mashruwala was among the two MDs at Jio. Pankaj Mohan Pawar, the other MD, will continue in his role

On Monday, Reliance Jio Infocomm posted a 13% year-on-year rise in its standalone net profit to INR 5,337 Cr in the March quarter of FY24

Sanjay Mashruwala, the managing director (MD) of Reliance Jio Infocomm Ltd, has resigned from his position. The 76-year-old will cease to be the director of the telecom company of Reliance Industries Ltd (RIL) with effect from June 9.

“This is to inform that Sanjay Mashruwala, managing director, has tendered his resignation as director of the company, effective from June 9, 2024,” Jio said in an exchange filing.

Mashruwala was among the two MDs at Reliance Jio. Pankaj Mohan Pawar, the other MD, will continue in his role.

Mashruwala took on the role of the company’s MD in 2013. Before this, he served in multiple capacities in the Reliance Group.

He even served as an executive with Reliance when the company’s founder Dhirubhai Ambani was looking after the day-to-day affairs.

“The board placed on record its appreciation for the contributions made by Sanjay Mashruwala in the transformative journey of the company,” the filing by Jio added.

It is pertinent to note that Pawar was appointed as managing director of the company for five years in June 2022. Alongside him, former bureaucrat RS Gujral and former Central Vigilance Commissioner (CVC) KV Chowdary were also inducted as independent directors for five years.

The same year marked the resignation of Mukesh Ambani as director of the company. Moreover, Akash Ambani was appointed as the chairman of the company in 2022.

On Monday, Reliance Jio Infocomm posted a 13% year-on-year (YoY) rise in its standalone net profit to INR 5,337 Cr in the March quarter of FY24. Jio also said that it has onboarded more than 10.8 Cr subscribers so far on its 5G network.

Jio Platforms, which houses Reliance Jio Infocomm, posted a 12% YoY increase in its consolidated net profit to INR 5,583 Cr in Q4 FY24.

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