Mukesh Ambani Steps Down from Jio Board, Akash Ambani is the New Chairman
Moneylife Digital Team 28 June 2022
Reliance Industries Ltd (RIL) chairman and managing director Mukesh Ambani has decided to step down from the board of RIL unit Reliance Jio Infocomm Ltd. Reliance Jio has named his son Akash Ambani as the new chairman.
 
In a regulatory filing, Reliance Jio says, "The board of directors have at their meeting held on 27 June 2022, noted the resignation of Mukesh D Ambani as director of the Company effective from close of working hours on 27 June 2022 and approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the Company."
 
While approving the appointment of Pankaj Mohan Pawar as the new managing director, Reliance Jio also named Raminder Singh Gujral and KV Chowdhary as directors on the company's board. All three appointments are for the next five years. 
 
The RIL chief has resigned as director of Reliance Jio from the close of working hours Monday.
 
For the quarter to end-March, Reliance Jio posted around a 24% jump in its stand-alone net profit to Rs4,173 crore due to better realisation per user aided by tariff hike, better subscriber mix and ramp-up in its fibre to the home (FTTH) service.

As of March 2022, Reliance Jio had a total customer base of 410.2mn (million). During the fourth quarter of FY21-22, the Company's average revenue per user (ARPU), a key metric for all telcos, increased to Rs167.6 per subscriber per month.
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