Mukesh Ambani leaves Reliance Jio, his son named president – TechCrunch
Akash Ambani, the eldest son of Indian tycoon Mukesh Ambani, has been named chairman of Reliance’s digital empire, Jio, in what analysts say is a clear illustration of a leadership transition in one of the most popular families. rich in Asia.
Reliance Jio said in an exchange filing that Mukesh Ambani had resigned as unit manager, although he will continue to serve as chairman. Jio, which is India’s largest telecom network with over 420 million subscribers, made global headlines in 2020 when it raised around $20 billion from dozens of investors including Google and Meta. .
The leadership transition has been underway for several years. The 30-year-old made several product announcements at the company’s recent annual general meetings, slowly becoming the public face of the conglomerate’s digital empire.
Akash’s appointment follows Reliance Industries, a $217 billion company that derives a significant portion of its profits from oil, making an aggressive push to expand its digital offerings. Earlier this month, Viacom18, backed by Reliance and James Murdoch’s Bodhi Tree, outbid Disney for the digital rights to broadcast the Indian Premier League cricket tournament for five years.
Tata Group and Adani Group, two other Indian conglomerates, are considering similar digital expansions.
Mukesh Ambani, 65, credited his children for creating Jio five years ago. The company says Akash has been involved in several of Jio Platforms’ strategies, including recent mergers and acquisitions. Reliance units have backed a number of startups in recent months, including investments in hyperlocal delivery startup Dunzo and mobile platform Glance.