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“The new organisation design is aimed at furthering the company’s initiatives to build a more connected organisation, aimed at delivering a world-class experience to customers,” the company said in a statement
Private telecom services major Bharti Airtel on Thursday split its Indian operations into eight hubs focussed at building a more connected organisation.
The hubs will report to Ajai Puri, who has been given the charge of newly created position of director (market operations). Puri will report to joint MD and CEO designate for India Gopal Vittal. The changes will be effective from 1 March 2013.
“The new organisation design is aimed at furthering the company’s initiatives to build a more connected organisation, which is closer to the market place and is able to deliver a world-class experience to customers,” the company said in a statement.
Various telecom circles will be clubbed to form hubs.
“Circle CEOs will continue to report to a Hub CEO and operate with the same level of independence (as they do now), while the Hub CEO will provide overall guidance and oversight to the telecom circles under it,” it added.
As part of the changes, Raghunath Mandava, currently operations director (west & distribution) has been elevated as director (customer experience). He will also report to Vittal.
Airtel business CMO Najib Khan will now take over as CEO (homes and office), where he will be responsible for telemedia business, SMB vertical, LTE and Wi-fi services.
K. Srinivas will take over as director (special projects) and will be responsible for evaluating potential investment opportunities and developing business case across various lines of business. He will report to Bharti Airtel chairman Sunil Bharti Mittal.
Last week, Bharti Airtel had appointed Kohli as managing director and said its founder Sunil Mittal will assume the role of executive chairman.
Vittal, who will take over as the new CEO in March, was named additional director and joint managing director of Bharti Airtel. He was named chief executive after the firm’s India CEO Sanjay Kapoor stepped down last month.
The revamp comes at a time when the company is looking at improving profitability while increasing both 3G and 4G subscriber base. Bharti Airtel is also struggling with uncertain regulatory environment and bleeding business in Africa.
The NTPC offering was the government's third divestment in the current fiscal during which it has a target of Rs 30,000 crore
Government-owned power utility major NTPC’s one-day offer for sale (OFS) through which the government sold 9.5% stake in the company was subscribed 1.7 times on Thursday. The government is reported to have mobilised around Rs11,400 crore by offloading nearly 78.32 crore shares at an average price of Rs145.91.
Domestic institutional investors including insurance companies and mutual funds were major bidders.
The NTPC offering was the government's third divestment in the current fiscal during which it has a target of Rs 30,000 crore. Last week the government garnered around Rs 3,100 crore by divesting its stake in crude refiner Oil India and around Rs 5,900 crore through a, OFS for NMDC in December. The government has, so far in FY13, mobilized about Rs 20,000 crore though divestments of its stake in these companies, which is about 67% of its target.
The government is eyeing another Rs5,000-Rs7,000 crore through divestment in some more state-owned companies. The mobilisation will help the government mover closer to its fiscal deficit target of 5.3% of GDP.
Data on BSE website showed that the NTPC OFS had generated a demand for about 132.85 crore shares and all those who bid at Rs145.55 or above have been allotted shares of the government-run power utility major. Market players said that the recent change in rules for OFS that of allowing institutional investors to bid for stocks at no margin helped the NPTC issue sail through.
Earlier, institutions had to put in full margin money while bidding in an OFS. Under the new rules, an institutional investor which is bidding in OFS without any upfront margin cannot revise its bid price downward, while those bidding with full margin money can do so.