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Reliance Jio board approves appointment of Akash Ambani as chairman

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Reliance Jio board approves appointment of Akash Ambani as chairman

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Mukesh Ambani has resigned as the director of the company with effect from June 27.

Reliance Jio Infocomm Limited has approved the appointment of Akash Ambani, non-executive director, as the chairman of the board of directors of the company. The decision was taken in the company's board meeting held on June 27, 2022, Reliance Jio Infocomm said in a statement.

Mukesh Ambani has resigned as the director of the company with effect from June 27, it added.
Jio Infocomm is a subsidiary of Jio Platforms, which has Facebook, Google, Silver Lake, and Vista Equity Partners, among others, as its major investors. Mukesh Ambani continues to be the chairman of Jio Platforms.
Clarity of company's leadership
The appointment of Akash Ambani as chairman of Reliance Jio Infocomm brings clarity to the company's leadership going ahead as it plans its Initial Public Offering (IPO).
Reliance Industries, in its annual general meeting (AGM) in 2019, had said that the company was planning to launch Jio's IPO within five years.
At Reliance Jio, Akash Ambani has been closely involved in the development of products and digital services applications. He graduated from Brown University with a major in economics.
Akash Ambani led major Jio acquisitions  
Akash Ambani's key work includes the creation of the digital ecosystem around Jio’s 4G proposition, leading major acquisitions made by Jio in the digital space, and trailblazing global investments by tech majors and investors.
"He is expected to continue to operate on the cutting-edges of innovation and technology to encourage an ecosystem that will further digital solutioning and make the power of data and technology more accessible to all, including those who are still at the margin," said the company.
Market expert Prakash Diwan said the move is in line with the company's plans for IPO. "The rollout will all be probably done with the new leadership... It very decisively sets out the agenda for the Reliance Jio IPO," he said.
"I think it is an excellent move and goes very well with the overall direction in which the business is heading," he said, adding that he expects Reliance Industries' stock to jump sharply in Wednesday's trade.
Other appointments
At the June 27 meeting, the appointment of Pankaj Pawar as the managing director was made for five years, subject to the approval of the shareholders.
The company board has also approved the appointment of Raminder Singh Gujral and K.V. Chowdary as additional directors of the company for five years.
Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.
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