Mukesh Ambani has resigned from the board of his group's telecom arm, Reliance Jio and handed over the reins of the company to elder son Akash, a step seen as succession planning by Mr.Ambani.

Reliance Jio Infocomm 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 is the first instance where Mukesh Ambani has officially taken a backseat, after flagging last year that his children were taking on more responsibilities.

Akash was part of teams that negotiated Meta Platforms Inc.'s investment into Jio's parent, besides leading other key acquisitions.

For years, Mukesh Ambani has studied the ways in which billionaire families, from the Waltons to the Kochs, passed on what they'd built to the next generation.

Pankaj Mohan Pawar was among the other selections made, and his five-year term as managing director began on 27 June.

Mukesh Ambani will continue to be the chairman of Jio Platforms Ltd., the flagship company that owns all Jio digital services brands including Reliance Jio Infocomm.