Sunil Bharti Mittal has announced the succession plan. In this, the next generation of his family will get more stake in Bharti Airtel’s promoter company Bharti Telecom. Mittal had announced the succession plan in a recent meeting with investors. He said in a meeting with investors on February 26 that his children are running their businesses independently and getting training outside Bharti Airtel. There they are learning about their failures, successes, challenges and ways to resolve disputes. Let us also tell you what kind of information Sunil Bharti Mittal has given.
Mittal’s plan
Mittal said that I feel that I still have a few years left to contribute to Airtel and Bharti Enterprises. But the next generation of my family is increasing its capacity in different forms and ways. I think in a few years you will see him more actively in shareholders’ meetings. Mittal has three children…Shravin Mittal, Kevin Mittal and Isha Pasricha. Mittal said that Shravin is already working for Airtel Africa. He was in the operations department from 2012 until we acquired the company in 2010, and has been on the board of Airtel Africa since 2018. In the coming years, you will see some members of the next generation of Bharti family at shareholder forums. He said that Bharti Telecom is the promoter of Airtel and currently holds about 41 percent stake in the telecom company.
What is Mittal’s dream?
Mittal said that my wish is that one day Bharti Telecom should acquire more than 50 percent stake in Airtel. In my opinion, this is possible only if Airtel gives huge dividend in future or buys back shares. This is my wish, but even if we have 41 per cent stake, you will agree with me that as a Nifty 10 company, it is very good for any promoter to have more than 40 per cent stake. He said that the company will start paying more dividends and sought support from investors for better long-term returns.
Airtel will do this feat in Africa
Mittal said that some of our friendly investors were not happy when Airtel decided to launch operations in Africa in 2010, but now Airtel Africa is a great performer and it helped the Indian operations during the difficult period of 2016-19 for the telecom sector. He said that Airtel Africa is set to become a $10 billion revenue company in the coming few years… and will be a very strong subsidiary of Airtel India which will generate very good returns for the company.