Development News Edition
Give Feedback

Idea MD Himanshu Kapania to be first vice chairman of Grasim


PTI Last Updated at 09 Aug 2018, 17:08 IST India

Aditya Birla Group plans to give a bigger role to Idea Cellular Managing Director and CEO Himanshu Kapania, including the first-ever position of vice-chairman at Grasim Industries after completion of company's telecom business merger with Vodafone.

"Aditya Birla Group Chairman Kumar Mangalam Birla has internally announced that Himanshu Kapania will join the board of Grasim Industries as a non-executive director and be the vice-chairman of Grasim. This will be the first time in the history of Grasim that a vice-chairman will be appointed," according to company sources.

When contacted, Idea Cellular declined to comment on the development.

Kapania, who has been with the Idea Cellular since 2006, will also be appointed as non-executive director of the merged business of Vodafone India and Idea Cellular. He will be an advisor to Birla on telecom business as Director, Telecom, Chairman office once the merger is complete, the source said.

Birla will lead the new telecom entity proposed to be named as Vodafone Idea Limited and Balesh Sharma (currently Chief Operating Officer of Vodafone India) will be the CEO.

Kapania has been leading operations of Idea Cellular as Managing Director and Chief Executive Officer since 2011.

However, the company has been posting loss since October-December quarter of 2016-17.

In its last financial result before the merger with Vodafone India, Aditya Birla Group firm Idea Cellular reported total comprehensive income of Rs 263.6 crore in the June quarter, mainly on account of one time gain from the sale of mobile towers.

Blows from turbulent tariff war were, however, visible on its operational performance.

The company had posted a loss of Rs 816 crore in the same period a year ago.

Kapania will also be made the member of cement and aluminum business review councils, the source added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


add banner

LEAVE COMMENT

Download our Android App on Google Play