Mukesh Ambani resigned as the chairperson of telecom giant Reliance Jio and appointed his son Akash Ambani to the post, PTI reported on Tuesday.

The board “approved the appointment of Akash M Ambani, non-executive director, as chairman of the board of directors of the company”, Reliance Jio Infocomm said in a stock exchange filing.

Among other appointments, Pankaj Mohan Pawar was given the post of managing director and Raminder Singh Gujral and KV Chowdary were made independent directors. Their appointments are valid for five years.

Akash Ambani takes over Reliance Jio at a time when telecom firms are looking to roll out 5G networks. The Union government will hold the 5G spectrum auction in July.

Before this, Ambani had led Reliance Jio’s key acquisitions in the digital space and has also been involved in developing new technologies and capabilities, including blockchain, Business Standard reported.

Meanwhile, Mukesh Ambani will continue as the chairperson of Jio Platforms Ltd, the flagship company that owns all Jio digital services brands, including Reliance Jio Infocomm.

After the announcement, Reliance Industries Limited’s share on Tuesday closed at Rs 2,530 – 1.50% higher from Monday’s Rs 2,492.65.