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Akash Ambani new chairman of Reliance Jio

What: A day after his father's resignation, Akash Ambani, 30, who was formerly a non-executive director of Reliance Jio Infocomm Ltd., was named chairman. Akash Ambani is a graduate of Brown University in the United States, where he majored in economics. Along with overseeing other significant acquisitions, Akash Ambani was a member of the teams that negotiated investment into the parent company of Jio by Meta Platforms Inc., formerly known as Facebook Inc. The Reliance Jio board also authorised the appointment of Pankaj Mohan Pawar as the organization's managing director for a five-year term.

When: After Mukesh Ambani resigned as Director of the company on June 27, Akash's appointment was approved.

What’s next: Mukesh Ambani will continue to hold the position of chairman of Jio Platforms Ltd., the organisation that owns all of Reliance Jio's digital service companies. It's anticipated that Ambani will transfer control of the retail firm to his daughter Isha Ambani.