Reliance Chairman Mukesh Ambani steps down as director of telecom arm

Reliance Industries Chairman Mukesh Ambani has stepped down as director of Reliance Jio Infocomm Ltd (RELIB.UL), the conglomerate’s telecom arm said on Tuesday.

Reliance Jio said it has appointed Mukesh’s son and non-executive director Akash Ambani as the chairman of its board. Akash has been involved with the telecom unit since its launch in late 2016, where he started as a director.

India’s telecoms sector had been upended after the entry of Jio, which triggered a price war that forced some rivals out of the market and turned profits into losses.

Jio, which started out offering mobile teleservices, has been aggressively investing in services like internet broadband and forging ties with handset makers to launch low-cost smartphones and providing 5G services.