Mukesh Ambani steps down as Reliance Jio's director

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Mukesh Ambani resigned as director of Reliance Jio effective on June 27 and handed over the company's reins to his elder son Akash.

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In a stock exchange filing, Reliance Jio 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 company's board of directors."

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At its meeting, the board also approved Pankaj Mohan Pawar's appointment as Managing Director of Reliance Jio for five years commencing from June 27, 2022.

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Raminder Singh Gujral and KV Chowdary were appointed independent directors.

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According to TRAI data, India's largest telecom operator, Reliance Jio, had gained 16.8 lakh mobile subscribers, in April, cementing its lead in the market.