Mukesh Ambani has resigned from the board of Reliance Jio Infocomm--a subsidiary of Reliance Industries, and handed over the reins of the company to Akash Ambani, his eldest son, according to a regulatory filing by the company. The step is seen as succession planning by the 65-year-old billionaire.
"The company's board at a meeting on June 27 approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company. This comes after his father resigned with effect from the close of working hours on June 27," the regulatory filing said.
Among other appointments, Pankaj Mohan Pawar was appointed Managing Director of the company for five years beginning June 27, whereas Raminder Singh Gujral and KV Chowdary were appointed independent directors, as per the regulatory filing.
Notably, the development comes at a time, when Reliance Jio is planning for an initial public offering (IPO) by the end of this year, Notably, an alumnus of Brown University, Akash has been quintessential in the development of some key products and digital services across the company's telecom arm.