Akash Ambani has been named as the chairman of Reliance Jio while his father Mukesh Ambani has resigned from the post of the Managing Director of the firm effective June 27, 2022.
Akash Ambani is the eldest son of Mukesh Ambani and Nita Ambani. He graduated from Brown University with a major in Economics in 2014.
The 30-year-old has also been closely involved with the disruptive and inclusive growth path charted by the digital services and consumer retail propositions of Reliance group. Reliance states that Akash is leading the creation of the 'convergence dividend' for over 500 million consumers, digitally and with high inclusivity across geographies and income levels.
In Reliance's new structure, different business verticals will be run like independent businesses. There will be no interdependencies between group companies for raising capital or debt servicing. The Ambani family is also consolidating its ownership in the company.
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.
Akash and Isha have been on the boards of Reliance Retail Ventures Ltd - the company that operates supermarkets offering consumer electronics, food and grocery, fashion, jewellery, footwear, and clothing, as well as the online retail venture, JioMart - and digital arm Jio Platforms Ltd (JPL) since October 2014.
In 2019, Akash Ambani married his childhood friend Shloka Mehta. Shloka Mehta is the youngest daughter of diamantaire Rusell and his wife Mona Mehta. Russell Mehta is the MD of the Indian arm of Rosy Blue Diamonds, a family-owned Indian/Belgian trading company. Akash and Shloka met while they were studying at Dhirubhai Ambani International School in Mumbai.
On December 10, 2020, Akash and Shloka were blessed with a baby boy whom they have named Prithvi Akash Ambani.
Akash Ambani has been working with the telecom unit of Reliance Industries since its launch in late 2016. He started as a Director of Reliance Jio.
The entry of Reliance Jio completely changed the landscape of India's telecoms sector in 2016. Jio's entry triggered a price war that forced some rivals out of the market and turned profits into losses.