Billionaire Indian industrialist Mukesh Ambani kickstarted a dynastic succession on Tuesday, handing over the reins of his conglomerate Reliance Industries' telecom arm Jio to his eldest son Akash.
The 65-year-old senior Ambani stepped down as the director of Reliance Jio Infocomm and made Akash the chairman of the company's Board.
Jio Infocomm, at a meeting on June 27, "approved the appointment of Akash M Ambani, non-executive director, as the chairman of the board of directors of the company", the telecom giant intimated India's bourses.
Akash, 31, who graduated in economics from Brown University, joined Jio in 2014. He is married to Shloka Mehta in 2020 and the couple have a son, Prithvi.
Jio has attracted some 400 million subscribers to its network since its mega launch in 2016, despite being a late entrant to India's telecom sector.
By offering free voice calls and data at the world's cheapest price, it has already changed the country's digital landscape.
UNB had earlier reported about the senior Ambani's plan to split his USD 200 billion business empire among his three children -- Akash, Isha and Anant.
Over the past two years, Reliance went on an aggressive fundraising spree to make the conglomerate debt-free, a step to trim its dependence on the flagship oil sector to diversify into telecom and e-commerce.