Akash Ambani takes charge of Gulf-backed Jio ahead of IPO

Akash Ambani, son of Reliance Industries Chairman Mukesh Ambani, has been appointed managing director of IPO-bound Jio Platforms for five years, effective last month, Fortune India reports, citing a regulatory filing. Ambani, who has chaired Reliance Jio Infocomm — the telecom operator arm of Jio Platforms — since June 2022, takes charge as the digital services arm prepares to file draft IPO papers with the Securities and Exchange Board of India by the end of May or in June.

The corridor link: Jio counts Gulf sovereign wealth funds among its investors, including the UAE’s Abu Dhabi Investment Authority (Adia) and Mubadala, and Saudi Arabia’s Public Investment Fund (PIF). The sovereign wealth funds had been set to sell a portion of their shares before the company scrapped plans for an offer-for-sale and settled on a fresh 2.5% share issue. The firm is now expected to be valued at around USD 4.5 bn, according to Reuters.