Reliance Jio appoints Akash Ambani as chairman; Mukesh Ambani steps down

RIL's digital arm Reliance Jio Infocomm has reportedly approved the appointment of Akash Ambani, its non-executive director, as the chairman of the company.

Mukesh Ambani has stepped down as the company's director, effective from the close of working hours on June 27.

Mukesh Ambani will continue to be the chairman of Jio Platforms Ltd, the flagship company that owns all Jio digital services brands, including Reliance Jio Infocomm, the reports added.

Akash Ambani, the elder son of RIL chief Mukesh Ambani, had reportedly joined Jio's board of directors in 2014.

Akash's elevation as chairman of Reliance Jio Infocomm recognises the specific contributions made by him to the digital services journey and re-dedicates him to even higher levels of responsibilities, going forward, the company reportedly stated.

Jio had reported a net profit of Rs 4,173 crore in the March 2022 quarter, higher as compared with Rs 3,615 crore in the previous quarter.

Reliance Industries (RIL) is a Fortune 500 company and the largest private sector corporation in India. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.

On a consolidated basis, RIL reported a 20.2% increase in net profit to Rs 18,021 crore on a 38.64% rise in net sales to Rs 207,375 crore in Q4 FY22 over Q4 FY21.

The scrip shed 0.90% to currently trade at Rs 2506.35 on the BSE.

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