Mukesh Ambani resigns from board of Reliance Jio, son Akash made chairman

The announcement outlines a clear transfer of wealth by the 65-yr-old tycoon, who was embroiled in a bitter inheritance dispute with his younger brother after their father died in 2002 without a will

In the first clear signs of a succession plan being charted out at India's most valuable company, billionaire Mukesh Ambani resigned from the board of his $217-billion group's telecom arm, Reliance Jio, and handed over the firm's reins to elder son Akash.

In a stock exchange filing, Reliance Jio Infocomm Ltd on Tuesday 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." This comes after his father resigned with effect from the close of working hours on June 27, it