Mukesh Ambani steps down from Reliance Jio, son named chairman

Akash Ambani, the eldest son of Indian tycoon Mukesh Ambani, has been named as the chairman of Reliance’s digital empire Jio in what analysts view as a clear illustration of a leadership transition in one of Asia’s wealthiest families.

Reliance Jio said in an exchange filing that Mukesh Ambani has resigned from his director role at the unit, though he will continue to serve as a chairman. Jio, which is India’s largest telecom network with over 420 million subscribers, made global headlines in 2020 when it raised about $20 billion from scores of investors including Google and Meta.

The transition has been in the works for several years. Akash has delivered several keynote product announcements at the company’s recent annual general meetings, slowly becoming the public face of the conglomerate’s digital empire.

Akash’s appointment follows Reliance Industries, one of Asia’s largest conglomerates and which makes a significant portion of its profits from oil, making an aggressive push to broaden its digital offerings. Tata Group and Adani Group, two other conglomerates, are deliberating similar expansions.

Mukesh Ambani, 65, said last year that Akash, 30, was involved with several of Jio Platforms’ strategies, including recent merger and acquisition moves. Reliance units have backed a number of startups in recent months, including investments in hyperlocal delivery startup Dunzo and mobile platform Glance.

This article was originally published on TechCrunch.com. Read More on their website.

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