Reliance Jio MD Sanjay Mashruwala resigns after a decade of leadership

Mukesh Ambani's Reliance Jio has announced the resignation of its Managing Director, Sanjay Mashruwala. His resignation will be effective from June 9, 2024.

Mashruwala, aged 76, has played a pivotal role at Reliance since the era of its founder, Dhirubhai Ambani. He has served as the Managing Director of Jio since 2013, and his tenure has seen significant milestones in the company’s growth.

Mashruwala's contribution to Reliance Jio

Throughout his tenure, Mashruwala has been instrumental in several key projects and business initiatives at Jio. The company credits him with making substantial contributions to its transformative journey.

"This is to inform that Mr. Sanjay Mashruwala, Managing Director has tendered his resignation as Director of the Company, effective from June 9, 2024. Mr. Sanjay Mashruwala, aged 76 years, is an accomplished professional and has been the Managing Director of the Company since 2013. The Board placed on record its appreciation for the contributions made by Mr. Sanjay Mashruwala in the transformative journey of the Company. Mr. Pankaj Mohan Pawar continues as Managing Director of the Company. You are requested to take the above on record."

Continuation of leadership

With Mashruwala stepping down, Pankaj Mohan Pawar will continue as the sole managing director of Reliance Jio. Pawar’s ongoing leadership will aim to ensure stability and continued progress within the company.

Alongside Mashruwala’s resignation announcement, Reliance Jio also released its financial results for the fourth quarter of FY2024.

The company reported a 13% year-on-year increase in its standalone net profit, which amounted to Rs 5,337 crore. The revenue from operations for this quarter was Rs 25,959 crore, marking an 11% rise compared to the same period last year.

For the full fiscal year ending in March 2024, Reliance Jio achieved a net profit of Rs 20,466 crore, up 12.4% from the previous year. The total revenue for the fiscal year was reported at Rs 1,00,119 crore, showing a growth of 10.2% over the preceding fiscal year.