What TV doesn't, print can't; we deliver.
What TV doesn't, print can't; we deliver.
MUMBAI: The baton is changing hands, gradually, as Asia’s richest man Mukesh Ambani on Tuesday stepped down as the director of India’s largest digital telecom company Reliance Jio, the telecom arm of Reliance Industries Limited (RIL).
Ambani senior passed on the baton to his son Aakash, who will become the chairman of the company, after the board of directors approved the decision, a regulatory filing stated.
Ambani senior, however, will remain the chairman of Jio Platforms Ltd, the flagship company that owns all Jio digital services brands, including Reliance Jio Infocomm.
Meanwhile, the board has also approved the appointment of Raminder Singh Gujral and KV Chowdhary as independent directors for a period of five years commencing from June 27, 2022.
The board also approved the appointment of Pankaj Mohan Pawar as managing director of the company for a period of five years commencing from June 27, 2022.
The appointments of Gujral, Chowdhary and Pawar would require approval from the shareholders.
The 30-year-old Ambani junior is a graduate of Brown University with a major in Economics. Aakash has been a key player in major acquisitions made by the telecom giant in the last few years.
Interestingly, the move comes a month ahead of the 5G spectrum auctions. The change in guard is viewed as an opportunity for Aakash to expand the market share in the telecom industry with the arrival of 5G technology.
