Signs point to Asia's richest man Mukesh Ambani pushing ahead with a plan for succession for Reliance Industries.
Reliance Jio announced that its board has approved the appointment of Akash Ambani as Chairman of the board after Indian billionaire Mukesh Ambani resigned as the Director of the company on June 27.
In other reports, Ambani's daughter Isha Ambani is set to be named chairman of the Reliance conglomerate's retail unit.
Mukesh Ambani will continue to be the Chairman of Jio Platforms Ltd, the flagship company that owns all Jio digital services brands including Reliance Jio Infocomm.
Akash has also been appointed as the Non-executive Director of Reliance Jio.
Further, the board at its meeting also approved the appointment of Pankaj Mohan Pawar as Managing Director of the Reliance Jio for a period of five years commencing from June 27, 2022.
Jio, in a statement, also stated that its board has approved Raminder Singh Gujral and KV Chowdary, as Additional Directors of the firm. They have been designated as Independent Directors for a period of five)years commencing from June 27, 2022.
Isha is currently director of Reliance Retail Ventures Ltd and the announcement of her elevation is expected soon, according to sources.
Her elevation, on the heels of brother Akash Ambani's transition to Jio chairman, kickstarts a leadership transition in India's richest family.
Reliance Retail and Reliance Jio are subsidiaries of the family's oil-to-telecom conglomerate, of which the USD 217 billion Reliance Industries Ltd. is the flagship firm. Mukesh Ambani is chairman and managing director of Reliance Industries.