Reliance Jio handed over the firm’s reins to elder son Akash Ambani, and billionaire Mukesh Ambani resigned from the board of his $217- billion group’s telecom arm, they being charted in their first clear sign of successive plan out at India’s most valuable company.
Mukesh Ambani has resigned from the board of Reliance Jio, his elder son was made the new chairman of the Reliance Jio.
Reliance Jio is a unit of Reliance Industries Ltd, whose business spread from petrochemicals to retail, media, new energy, and oil refining.
Ambani who is 65, has three children named twins Akash and Isha and the youngest son is Anant. It is widely expected that he hand over the retail business to Isha, who is 30 and married to Anand Piramal(son of Piramal’s groups Ajay and Swati Piramal).
The firm’s board announced on Tuesday that Mukesh Ambani has resigned from the post of Managing Director of the firm and Akash Ambani takes over as the Chairman of Reliance Jio.
Akash Ambani’s schooling is completed at Dhirubhai Ambani International School. After that, he went to the US and graduated with a major in Economics from Brown University.
Akash Ambani dated for years to his childhood friend Shloka Mehta and after that, they got married in the year 2019. Shloka is the daughter of Indian diamantaires Russell and Mona Mehta.
Akash Ambani has followed his father Mukesh Ambani’s footsteps and has taken the responsibility of leading the company. He introduced the BOD(Board of Directors) in the year 2014.
The digital ecosystem around Jio’s 4G proposition, he has been closely involved in the creation of this and he has also been involved with a team of engineers in inventing and launching an India-specs focussed in Jiophone in 2017. He was also involved in the development of the game-changing connection Jio 4G-LTE which did not support the legacy of the 2G/3G network. He led the launch of Jio’s 4G network services with his sister in March 2015. He also leads the Team Mumbai Indians i.e., he is a co-owner of the team Indian Premier League Cricket Team Mumbai Indians.
Reliance states that Akash is leading the creation of the “Convergence Dividend” with high inclusivity across geographies and income levels for over 500 million consumers, digitally.
Key acquisitions made by Jio in the digital space in the last few years, at his time in Reliance Jio, Akash had also led these key acquisitions and has also been involved with capabilities including AI-ML and blockchain and the development of new technologies.
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