Mukesh Ambani has resigned as a Director in Reliance Jio Infocomm Limited with the company's Board on Tuesday, June 28, approving his elder son Akash Ambani's appointment as the Chairman. In regulatory filing, Reliance Jio, the telecom arm of the Reliance group, said the Board of Directors at its meeting held on Monday, June 27, "approved the appointment of Akash Ambani, Non-executive Director, as the Chairman of the Board of Directors of the company."
The company also said the Board "noted the resignation of Mukesh Ambani as Director of the company effective from close of working hours on June 27." The Board also approved the appointment of Pankaj Mohan Pawar as the Managing Director for a period of five years commencing from June 27, subject to shareholders' approval.
The company also said the Board approved the appointment of Raminder Singh Gujral and KV Chowdary as Additional Directors, designated as Independent Directors, for a period of five years commencing from June 27, subject to shareholders' approval.
Earlier this year, Forbes estimated Mukesh Ambani's net worth to be $90.7 billion, landing him at No.10 on this year's Billionaires list.
In May, when the Forbes Global 2000 list was released, Reliance climbed two spots to No. 53 among all public companies worldwide and ranked first among Indian companies. The State Bank of India (SBI) landed in the No. 2 spot on the list of India's largest companies. Private sector banks ICICI and HDFC followed next on the Global 2000 list of Indian companies. Some notable newcomers to the list included Indian billionaire Gautam Adani's companies: Adani Enterprises Limited, Adani Transmission Ltd. and Adani Total Gas Ltd.
Earlier this year, Gautam Adani passed Warren Buffett to become the fifth richest person in the world. Further, oil and gas and metal conglomerate Vedanta Limited jumped 703 spots on the list, the highest leap among all Indian companies due to a rise in its profits.