The board of Reliance Jio, the telecom arm of oil-to-retail conglomerate Reliance Industries Ltd (RIL), has appointed Akash Ambani as its chairman, a regulatory filing stated on June 28.
Akash Ambani, the son of RIL chief Mukesh Ambani, had joined Jio in 2014. His elevation as the board chairman was announced along with the news of Mukesh Ambani stepping down as the director of Jio.
"The board of directors have at their meeting held on June 27, 2022 noted the resignation of Mr Mukesh D Ambani as director of the company effective from close of working hours on June 27, 2022," Jio informed the stock exchanges.
The board has also "approved the appointment of Akash M Ambani, non-executive director as chairman of the board of directors of the company", it added.
The company further noted that the board has cleared the appointment of Raminder Singh Gujral and KV Chowdary, as additional directors of the company, designated as independent directors, for a period of five years commencing from June 27, 2022.
The appointment of Pankaj Mohan Pawar as managing director of Jio has also been approved, it added. The decision, however, would require the clearance from shareholders.
Jio, which has taken the leadership position in the Indian telecom sector, had reported a net profit of Rs 4,173 crore in Q4FY22, as compared to Rs 3,615 crore in the third quarter. The standalone revenue from operations came in at Rs 20,901 crore, jumping by 20.4 percent as compared to Rs 17,358 crore in the year-ago period.
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