(MENAFN) Akash Ambani was named chairperson of Reliance Jio Infocomm, the telecom division of Mukesh Ambani's Reliance Industries, an Indian conglomerate.
The corporations stated in a regulatory declared on Tuesday that the action was taken in response to Mr. Mukesh, a billionaire industrialist, resigning from his position as the unit's director. Mr. Akash is one of the top 10 richest people in the world as well as he has business holdings in a variety of industries, including retail and petrochemicals.
The Jio Platforms division, which also contains other online companies including music and movie streaming applications, includes Jio Infocomm.
In 2020, Jio Platforms received funding from many international corporation, including Google, Abu Dhabi Investment Authority, Mubadala Investment Company, Saudi Arabia's Public Investment Fund, Facebook, Intel Capital, KKR, and Silver Lake Capital, among others.
In 2020, the PIF made an approximate USD1.5 billion investments in Jio for a 2.32 percent ownership. Mubadala contributed USD1.2 billion for a 1.85 percent share, whereas Adia contributed USD753.4 million for a 1.16 percent share.
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