Mukesh Ambani Resigns from Board of Rel JIO, Akash Made Chairman

Mukesh Ambani Resigns from Board of Reliance Jio: Mukesh Ambani, one of the world’s richest businessmen, is working on a plan to hand over his empire to the next generation. They want that after the death of father Dhirubhai Ambani, the dispute between brother Anil over sharing of stakes should not happen between his children.

In such a situation, on Monday, Mukesh Ambani resigned from the post of director of Jio Infocomm Limited. The board of Reliance Jio has approved the appointment of his son Akash Ambani as the chairman of the board. Prior to this, Akash Ambani was working as a non-executive director on the board. Pankaj Mohan Pawar will take over as the Managing Director (MD) of the company.

The meeting of the Board of Directors was held on June 27 during which these decisions have been taken. The board has also approved the appointment of Raminder Singh Gujral and KV Choudhary as additional directors of the company. These appointments are for 5 years from 27 June 2022.

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Akash’s Big Hand in Setting up JIO 4G Ecosystem

At Reliance Jio, Akash Ambani has been closely associated with the application development of products and digital services. Akash Ambani is largely credited with building Jio’s 4G ecosystem. In 2020, big tech companies from all over the world had invested in Jio, Akash had also worked hard to bring global investment to India. Market expert Prakash Dewan described the decision to hand over the command to Akash Ambani as a big step for Reliance’s business. He said that this is a step taken as part of the company’s IPO plan. Mukesh Ambani Resigns.

Business Model: First Hold on to Market, Then Earn

When Jio was launched in 2016, India’s telecom market was full of competition. Despite having 8 companies, users had to pay an average of 58 paise for 1 minute of calls. Jio first decided to take hold of the market.

In its initial days, Jio provided unlimited data and high-quality calling service at a very low cost. This strategy also forced other telecom operators to change their business models. This included Airtel, Idea, and Vodafone.

Mukesh Ambani Has Given Indication Only Last Year

Asia’s richest man Mukesh Ambani had indicated a change in leadership in 2021 only last year. Reliance Family Day is celebrated on the birthday of Dhirubhai Ambani, the founder of Reliance Group. Last year, on this occasion, Mukesh Ambani told all the seniors, including himself, of the commitment to pursue young talent in Reliance, that is, work will be done on advancing the youth in Reliance and they will be given responsibility.