Daijiworld Media Network – New Delhi

New Delhi, Dec 19: The board of Bharti Airtel on Thursday approved the appointment of Shashwat Sharma as Managing Director and Chief Executive Officer, effective January 1, while current MD & CEO Gopal Vittal will assume the role of executive vice chairman for a five-year term.

The board also approved the utilisation of the remaining proceeds of around Rs 15,740 crore from the Rs 21,000 crore rights issue launched in September 2021. The funds will be used primarily to prepay or repay borrowings, including accrued interest, and for general corporate purposes, as part of the company’s efforts to reduce debt and further strengthen its balance sheet.

“As per the objects of the issue, the proceeds from the call on the partly paid-up equity shares will be utilised mainly for pre-payment or repayment of borrowings and general corporate purposes. Following the repayment and supported by organic cash generation, Airtel’s India operations are expected to become effectively net debt-free in the near term, excluding DoT liabilities and finance lease obligations,” the company said in a statement.

In other key management changes, the board cleared the appointment of Soumen Ray as Group Chief Financial Officer and Akhil Garg as Chief Financial Officer of Airtel India, with both appointments taking effect from January 1.

The decisions mark a significant leadership transition at Bharti Airtel as the telecom major sharpens its focus on financial consolidation and long-term growth.