Riya Ghosh
Source: India Today
The managing director of Reliance Industries, Mukesh Ambani has reportedly quit the directorship at Reliance Jio and handed over the position of the chairperson to his eldest son Akash Ambani. This move of the industrial magnate has made reviewers think that in the coming future India and the world might witness a change in management in Reliance Industries, which is owned by one of the most successful and richest families around the globe.
In a trade filing, the Indian telecommunication firm said that Akash was hired as the chairperson a day after Mukesh Ambani left his position in the firm. It further said that though Mukesh Ambani has given up his authority as the director of Reliance Jio, he will carry on to work as the chairman of Jio Platforms, the Indian tech firm, owner of Reliance Jio, and a branch of Reliance Industries.
Akash Ambani was previously serving the firm as a non-executive director, he had even put forward many prevailing product declarations at the firm’s last yearly general conference.
The disclosure made by the firm on June 28 was notably the first time when the Richest man of India officially gave up on any of his jobs. Back in 2021, Ambani was seen pointing out that in the coming future his children would be handling more authority at the firm.
Akash was also a member of the group that reached an agreement on financing by Meta Inc into Jio’s parent company other than heading some crucial acquirements.
A faculty member of an Indian school of Business located in Hyderabad commented on the matter this is one of the comprehensible indications that Ambani is moving ahead by re-evaluating its role in the Reliance Industries. He further added that it is expected that Ambani has set a powerful team to work around Akash in order to make this decision work properly.
Akash Ambani getting the position of the chairperson of Reliance Jio comes at the time when Reliance Industries which earns most of its income from crude oils is planning to expand its consumer offerings.
When Jio came into service in 2016, the entire telecommunication market of the country was disturbed as it made the internet available at an affordable price which lead to a price war in the market, pushing some of its competitors out of the telecom industry and transforming the gains of other telecoms into losses.
The industrial magnate has always said that the reason behind the start of Jio was his children and Akash has played an initial role in it.