Vodafone Executives Step Down from Indus Towers Board After Bharti Airtel’s Majority Ownership

Executives from the UK’s Vodafone Group PLC, who served as non-executive directors on the board of Indus Towers, have resigned following Bharti Airtel’s increase in its stake to over 50 percent in the tower company. With the increased stake, Indus Towers is set to become a subsidiary of Bharti Airtel.

• Make Telecom Talk My Trusted Source
• 
• 

Also Read: Bharti Airtel Gets CCI Approval to Raise Indus Tower Stake Over 50 Percent

Vodafone Executives Step Down from Indus Board

Former Vodafone Idea Managing Director and CEO Ravinder Takkar, along with former CEO Sunil Sood, have stepped down from the Indus Towers board. Additionally, Thomas Reisten, a former Vodafone PLC executive, has also tendered his resignation, according to a notice filed by Indus Towers on Monday after market hours.

“The said resignations are in accordance with the provisions of the Company’s Articles of Association, following the cessation of the Board Appointment Rights of the Vodafone Shareholders in the Company,” Indus Towers stated in the filing.

CCI Approves Airtel’s Shareholding Increase

Following the buyback exercise, Airtel’s shareholding in Indus Towers—a joint venture company—increased to approximately 50.005 percent, giving Airtel a majority stake in the telecom tower company. Under the Companies Act, 2013, a company becomes a subsidiary when another company holds more than 50 percent of its total share capital or controls the composition of its board of directors. Indus Towers had disclosed this development in an exchange filing in August.

India’s Competition Commission of India (CCI) approved Bharti Airtel’s increased shareholding in Indus Towers Limited in October, following the share buyback by the telecom infrastructure company.