Mukesh Ambani resigns from board of Reliance Jio, son Akash made chairman

In the first clear signs of a succession plan being charted out at India’s most valuable company, billionaire Mukesh Ambani resigned from the board of his $217-billion group’s telecom arm, Reliance Jio, and handed over the firm’s reins to elder son Akash.

In a stock exchange filing, Reliance Jio Infocomm Ltd on Tuesday said 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, it said.

Jio is a unit of Reliance Industries Ltd, whose business spans from oil refining and petrochemicals to retail, media and new energy.