Mukesh Ambani resigns from Jio, son Akash new 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.