(This article is authored by Alar)

Being the founder of Reliance Jio since 2015, Mukesh Ambani gave his chairman seat to his elder son Akash Ambani. his father resigned with effect from the close of working hours, said in a company's board meeting held on Monday. Akash Ambani is the new chairman of Reliance Jio as Mukesh Ambani resigns as director.

"The board of directors has at their meeting held on June 27, 2022, noted the resignation of Mr. Mukesh D Ambani as director of the company effective from close of working hours on June 27, 2022," Jio informed the stock exchanges.

"approved the appointment of Akash M Ambani, non-executive director as chairman of the board of directors of the company", it added.

After resigning, Mukesh Ambani will be holding the company as the chairman of Jio Platforms Ltd, which covers all jio digital services. Furtherly, Pankaj Mohan Pawar will be appointed as Managing director for five years starting from June 27. 

According to TRAI data, India's largest telecom operator, Reliance Jio, had gained 16.8 lakh, mobile subscribers, in April, cementing its lead in the market. Airtel stands behind with 8.1 lakh subscribers in the same month.

Akash Ambani, 30, graduated from Brown University with a major in Economics. He married Shloka Mehta in 2020 and they have a son, Prithvi. The company claims that Akash was behind the phone revolution when Jio Phone was introduced and become a revolutionary device that shifted most Indian users from 2G service to 4G.

Within the first month, Jio announced that it had acquired 1.6 crores (16 million) subscribers and has crossed 5 crores (50 million) subscriber mark in 83 days since its launch, subsequently crossing 100 million subscribers on 22 February 2017. By October 2017, it had about 13 crores (130 million) subscribers.