Reliance JIO : Mukesh Ambani quits, son Akash takes over

Mumbai: Mukesh Ambani's son, Akash Ambani, was named chairman of the board at Reliance Jio on Tuesday, signalling a transition in leadership for one of the world's wealthiest business families.

Akash Ambani, 30, previously a non-executive director at Reliance Jio Infocomm Ltd, was appointed chairman a day after his father resigned, the company said in an exchange filing.

Mukesh Ambani will remain chairman of Jio Platforms Ltd, the flagship company that owns all Jio digital services brands, including Reliance Jio Infocomm.

Tuesday's announcement marked the first instance in which Mukesh Ambani formally took a backseat; last year he indicated his children would take on more responsibilities.

Akash Ambani was part of the teams that negotiated investment into Jio's parent firm by Meta Platforms Inc, formerly known as Facebook Inc, besides leading other key acquisitions.