Mumbai: Mukesh Ambani stepped down from the board of Reliance Jio on Tuesday. This decision is being seen as succession planning by the 65-year old billionaire. Reliance Jio Infocomm Ltd, the digital arm of Reliance Industries announced that Ambani would resign as the director of the company effective from close of working hours on 27 June.

Ambani has handed over the reins of the company to elder son Akash Ambani. According to a stock exchange filing on June 28, the board of Reliance Jio has appointed non-executive director Akash Ambani as its chairman. He had joined the board of Jio in 2014.

In a stock exchange filing, Reliance Jio Infocomm said the company's board at a meeting on June 27, “approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company.”

Also Read: ISRO’s PSLV-C53 to Launch Singapore Satellites on June 30

In the meeting of Jio’s Board of Directors meeting on June 27, Pankaj Mohan Pawar was appointed Managing Director of the company for five years beginning June 27. Raminder Singh Gujral and KV Chowdary were appointed as independent directors.

Established in 2019, Jio Platforms, wholly-owned by RIL, is an Indian technology company. Shares of Reliance Industries closed at 2,529.00 apiece on BSE, 1.49% higher than yesterday's close. At the NSE, it climbed by 1.50% to settle at ₹2530.00 apiece.