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 the 65-year old billionaire.

In a stock exchange filing, 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."