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Bharti reshuffles corporate-top level
By siliconindia
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Friday, 08 August 2008, 17:34 IST
New Delhi: With the intentions of delving into the emerging business market of the real estate, software development, retail and insurance, Bharti has gone for a reshuffling of its corporate body at the apex level. As said by Bharti's Chairman and Group CEO Sunil Mittal, "With the new structure, we will engage functionally with our emerging businesses at a deeper level, empower the developed businesses, strengthen the interface mechanisms of Bharti with the businesses and leverage the group functions effectively."
The redesigning of the apex level include a creation of an office of the Chairman and Group CEO which will be supported by three directors -director, chairman's office; director, corporate affairs and director, shareholder's office. Sunil Mittal will continue to be the chairman and group CEO of Bharti Enterprise, and CMD of Bharti Airtel. While his brothers Rakesh Bharti Mittal and Rajan Bharti Mittal are offered the seats of Vice Chairman (VC) and Managing Director (MD) in the same. As a CEO the former shall hold on to the growth opportunities, and the latter as VC and MD shall look into the group's retail, cash and carry and realty businesses. However, Akhil Gupta, who remained the Joint Managing Director of Bharti Airtel, has been shifted as the deputy group CEO and MD of Bharti Enterprise. Hence, his involvement in the telecom's affairs is cut short and instead redirected to the financial services businesses like life insurance, general insurance and asset management company. Bharti Axa Life Insurance and Bharti Axa General Insurance are the venture companies formed by Bharti with MNC AXA to venture into insurance businesses. Gupta will lead the software business of the group and take specific charge of the tower business as VC and MD of Bharti Infratel. Under the restructuring scheme Raj Kohli will be the new CEO and joint MD of Bharti Airtel.
As the company said, the aim of this corporate shuffle is to enhance the empowerment of group functional directors for business development. It has its interest in telecom, agribusiness, financial services and retail. Bharti Airtel, a provider of telecommunications services with over 71.7 million customers as of end 2008. Bharti has also entered retail business under a company called Bharti Retail and has a joint venture with Wal-Mart for wholesale cash-and-carry and back-end supply chain management operations in India.
