Bangalore (Reuters) -Mukesh Ambani, an Indian billionaire, gave up his job as director of the telecoms division of Reliance Industries on Tuesday. He gave the job to his son Akash, setting up a change in leadership at his energy-to-retail conglomerate.
The change was made public: http://refini.tv/3Nrs773 Reliance Jio Infocomm Ltd. said in a regulatory filing that Akash, Mukesh’s 30-year-old son and a non-executive director, would become chairman of the board.
Ambani, who is one of the top 10 richest people in the world, first hinted last year that his children would play important roles in the family business empire.
At an event in December, he said that Reliance is “in the process of making a major leadership change.”
Isha, who is Akash’s twin sister, is a director on the boards of both Jio and Reliance Retail. Reliance Retail is where the conglomerate’s big bets are in India’s brick-and-mortar space.
Anant, the youngest sibling, is a director on the boards of Reliance’s renewable energy and oil and chemicals units.
When Jio came into the Indian telecom market in 2016, it caused a price war that drove some competitors out of business and turned profits into losses.
Jio started out by providing mobile teleservices, but it has been investing heavily in services like internet broadband and forming partnerships with phone makers to make low-cost smartphones and offer 5G services.
