Mukesh Ambani resigns from Jio, son Akash becomes new chairman

Mukesh Ambani has resigned from the board of his group's telecom arm, Reliance Jio, as per a report by news agency PTI.

The PTI reported further said that he has handed over the reins of the company to elder son Akash, a step seen as succession planning by the 65-year-old billionaire.

In a stock exchange filing, Reliance Jio Infocomm 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 board of directors of the company."

This comes after Mukesh Ambani resigned with immediate effect from close of working hours on June 27, it said.

Among other appointments, Pankaj Mohan Pawar was appointed Managing Director of the company for five years, beginning June 27.

Raminder Singh Gujral and KV Chowdary were appointed independent directors, it added.

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