In Ambani's Succession Plan, Son Akash Is Jio's Top Boss. Know About The New Chairman Of Jio
This is the first time Mukesh Ambani has officially taken a backseat, after indicating last year that his children were taking on additional duties.
Billionaire Mukesh Ambani has stepped down from the board of Reliance Jio Infocomm Limited (Reliance Jio) as director and made his elder son Akash Ambani chairman of the board of directors of the company, kickstarting a leadership transition in one of Asia’s wealthiest families.
However, senior 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.
This is the first time Mukesh Ambani has officially taken a backseat, after indicating last year that his children were taking on additional duties.
Mukesh Ambani has spent years researching how billionaire families, from the Waltons to the Kochs, pass on their wealth to the next generation. That process has recently been expedited, with the tycoon eyeing a blueprint for the next stage of his $217 billion business to avoid the succession battle that has torn apart so many affluent dynasties, including his own.
"Learning lessons from his past, Mukesh Ambani doesn’t want to repeat the mistake his father late Dhirubhai Ambani did. Looks like each of his children is going to lead separate businesses," said a Mumbai-based analyst.
Mukesh Ambani is the second richest Asian and 10th richest globally with a personal net worth of $90.4 billion and derives most of his wealth from his 42% stake in RIL. Shares of RIL on BSE closed up 1.5% at Rs 2529, valuing the company at Rs 17.1 lakh crore.
Know About Jio's New Chairman:
* Akash, 30, a non-executive director at India’s leading telco has been closely involved with the disruptive and inclusive growth path charted by Reliance Group's digital services and consumer retail propositions and is now leading the creation of the "convergence dividend" for over 500 million consumers, digitally and with high inclusiveness across geographies and income levels.
* Akash's appointment as Chairman of Reliance Jio Infocomm recognises his individual contributions to the digital services journey and rededicates him to even greater levels of responsibility in the future.
* Akash has been heavily involved in the development of the digital environment surrounding Jio's 4G offering. He worked closely with a team of engineers to develop and launch an India-specified Jiophone in 2017, which proved a game-changer for many people, transitioning from 2G to 4G.
He directly managed Jio's important acquisitions in the digital area in recent years, and he has also been heavily involved in the development of new technologies and capabilities such as AI-ML and blockchain.
* Akash was an integral part of the trailblazing global investments by tech majors and investors in 2020, which catapulted Jio onto the global investor map.
* Akash was part of teams that negotiated Meta Platforms Inc.’s investment into Jio’s parent, besides leading other key acquisitions of Haptik, Radisys, Tessaract, and Saavn.
* Akash is expected to continue to operate on the cutting-edges of innovation and technology to encourage an ecosystem that will further digital solutions and make the power of data and technology more accessible to all, including those who are still on the margin.
* Akash Ambani has graduated from Brown University with a major in Economics.
* Akash is married to Shloka Mehta, the daughter of a diamond trader and jeweller in Mumbai. In 2020, they welcomed a son, Prithvi. Akash has a twin sister Isha, married to Anand Piramal, and younger brother, Anant.
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