Mukesh Ambani Resigns from Jio Infocomm
The Richest man in Asia, Boss of India’s biggest company, the man Mukesh Ambani is no longer the head of Reliance industries anymore.
The richest man in India, head of India’s biggest company, Mukesh Ambani has decided to quit from one of his companies.
As you all are aware that Reliance Industries (RIL) is into a lot of varied businesses like Petroleum, Retail, telecom, digital services etc. Under Reliance Industries, there is Jio Platforms which includes digital platforms like JioMeet, JioMoney, JioTV, JioHealthHub etc. Under the Jio Platform is Reliance Jio Infocomm which handles the wireless broadband.
On 28th June 2022, Mukesh Ambani announced that he will resign from Reliance Jio Infocomm. It was decided in the Board meeting. He also announced that his first born child, Akash Ambani will succeed him as Chairman of the Reliance Jio Infocomm.
30 Year old Akash Ambani was earlier the Non-Executive Director at Reliance Jio Infocomm Ltd. Akash was part of teams that negotiated Meta Platforms Inc. 's investment into Jio's parent company. Akash Ambani has studied Economics from Brown University, USA. He married his childhood sweetheart, and they had a son, Prithvi, in 2020. Akash has a twin sister Isha and younger brother, Anant. This is the first instance where Mukesh Ambani has officially taken the backseat in at least one department and is giving more responsibilities to his children.
However, even after he has retired from Jio Infocomm, Mukesh Ambani will continue to be the Chairman of other Jio Platforms. That means that Akash Ambani has been assigned as the Jio Infocomm which will be under Reliance Jio Platforms which is still headed by Mukesh Ambani. In the Board meeting it was also decided that Pankaj Mohan Pawar will take over as the Managing Director of the Jio Infocomm.
When Jio was introduced in 2016, which ultimately shook up India's telecommunications industry with free calls and cheap data, and forced other carriers to reduce their prices. This is because Jio believes in utilizing young minds.
