Sunil’s son Shravin Mittal joins Bharti Airtel
03 Sep 2010
Bharti Airtel, India's top mobile telephony operator, has appointed its founder-chairman Sunil Mittal's son as a manager of a unit that holds its African assets, the company said in a statement.
Shravin Bharti Mittal, one of the twin sons of billionaire Sunil Bharti Mittal, will be part of Netherlands-based Bharti Airtel International (Netherlands) with a remuneration of €250,000 (nearly Rs1.5 crore) a year, the company said.
Shravin holds a degree in accounting and finance from the University of Bath in the UK, it added.
Bharti Airtel shareholders on Thursday approved Shravin Mittal's appointment with an annual salary of up to 250,000 euros (nearly Rs 1.50 crore). Shravin is a graduate in accounting and finance from the University of Bath in the UK and has worked for more than three years in equity research and portfolio management with JPMorgan Chase, Ernst & Young, Merrill Lynch & Co, Deutsche Bank AG and IMG.
His remuneration will not exceed €250,000 euros per year, or an equivalent amount in any other currency. This will include salary, allowances, perquisites, bonus, incentives, retirement benefits and other facilities, the company said.
Mittal junior's current brief is to assist in the integration of Zain Africa with Bharti, the company said. He might be elevated to the board or equivalent position either in Bharti Airtel International Netherlands (BAIN) or any of the firms in which he is an employee.
The shareholder okay for Mittal's appointment came on the day Bangalore-based Wipro decided to elevate chairman Azim Premji's elder son Rishad as the chief strategy officer of its information technology business. Both Shravin and Rishad are being groomed for a more prominent role in the family-promoted businesses, experts said.
Other top firms of India, including the Tata group, software maker Infosys Technologies and engineering group Larsen & Toubro (L&T), are on the lookout for their next leader. But unlike the vast majority of Indian companies, they are open to an outsider taking over.