Telecom firm Bharti Airtel and its subsidiary Bharti Infratel today restructured their board making Rakesh Bharti Mittal the Chairman of the tower arm, ahead of its planned IPO.
"The changes have been effected in view of the proposed IPO of Bharti Infratel, which is a leading provider of passive telecom infrastructure in India," Bharti Airtel said in a statement.
Following the restructuring, Bharti Airtel's will now have separate representation for Bharti and Singtel on the two boards. The new appointees on the board of Bharti Airtel are Manish Kejriwal and Obiageli Katryn Ezekwesili, while Sunil Mittal would continue as Chairman and Managing Director.
Besides Rakesh Mittal, Bharti Infratel's board will have Akhil Gupta as Vice Chairman and Managing Director. The board would also comprise-Bharat S Raut, Jitender Balakrishnan, N Kumar, Sanjay Nayar, Sarvjit Singh Dhillon and Vinod Kumar Dhall.
"These changes have been effected in line with our strong corporate governance culture and will ensure that Bharti and Singtel have distinct representatives on the Boards of Bharti Airtel and Bharti Infratel," Sunil Mittal said.
The board of Bharti Airtel would also include-Ajay Lal, Chua Sock Koong, Craig Ehrlich, Manoj Kohli, N Kumar, Nikesh Arora, Pulak Prasad, Rajan Bharti Mittal, Tan Yong Choo and Tsun-yan Hsieh.
Earlier this month, Bharti Infratel filed papers for an initial public offer (IPO) with market regulator Sebi and is expected to raise up to $ 1 billion (about Rs 5,500 crore). Bharti Infratel has more than 33,000 towers in operation. Other players in the tower business include Anil Ambani -led Reliance Infratel and Viom Networks -a joint venture between Tata Teleservices and Kolkata-based Quippo Infrastructure.
So far, none of the tower companies is listed in India, although Reliance Infratel had plans to do so.
Updated Date: Dec 20, 2014 12:19 PM