It seems that the succession plan at Bharti Group has started playing out with Bharti Group’s chairman Sunil Mittal inducting his son Shravin Bharti Mittal as manager with Bharti Airtel International (Netherlands) BV (BAIN). The company runs the international telecom operations of Bharti Airtel. This special purpose vehicle was floated by the company earlier this year when it acquired the African operations of Kuwaiti telecom firm Zain.
?He (Shravin) will assist BAIN’s management in integration of Zain Africa with the company (Bharti Airtel) and such other assignment as may be assigned by the employer company from time to time,? Bharti Airtel said, adding that he may be elevated to the Board or equivalent position either in BAIN or any of the companies in which he’s an employee.
The development is significant since Mittal is a first generation entrepreneur who had built the telecom business. His two brothers, Rakesh and Rajan Mittal, are part of the Bharti group managing different responsibilties. However, the company has never divulged about dividing stakes among the brothers. Mittal has a daughter who is married.
Shravin will get a remuneration of 50,000 euros per annum. Prior to joining Bharti Airtel, Shravin, who holds BSc degree in accounting and finance from the University of Bath (UK), was working with JP Morgan Cazenove in London as an analyst in technology, media and telecommunications division of investment banking unit. He was a member of pitch and execution teams advising on M&A and restructuring transactions. He also performed valuation analysis, research and strategic evaluations for IPO and M&A.
He has worked with Merrill Lynch, New York, and Ernst &Young, London, besides internships at IMG and Deutsche Bank. Incidentally, the shareholders’ approval for Shravin Mittal’s appointment came on the same day (September 1) when Wipro promoted chairman Azim Premji’s son Rishad as chief strategy officer. Among those who have recently brought on board next generation leaders from the promoters’ families, are Shiv Nadar-led HCL Group and Kishore Biyani-promoted Futures Group.