Vodafone executives resign from Indus Towers board after Bharti Airtel gains majority stake

Executives from Vodafone Group PLC, including former MD Ravinder Takkar, ex-CEO Sunil Sood, and Thomas Reisten, have resigned from their positions as non-executive directors on the board of Indus Towers. This follows Bharti Airtel's acquisition o...

By Subhrojit Mallick, ET Bureau | Nov 18, 2024, 09.04 PM IST

UK’s Vodafone Group PLC executives, who were part of the board of directors at Indus Towers, have tendered their resignation from their posts of non-executive directors following Bharti Airtel raising its stake to over 50% in the tower company.

Ravinder Takkar, former managing director and chief executive, along with former CEO Sunil Sood have stepped down from the Indus board. In addition, Thomas Reisten, former Vodafone Plc executive, has also resigned, Indus said in a notice to exchanges Monday.

"The said resignations are in accordance with the provisions of the Company’s Articles of Association, following the cessation of the Board Appointment Rights of the Vodafone Shareholders in the Company," Indus Towers said.

They were appointed as non-executive, non-independent directors. The resignation will take effect from Monday.

The development comes after Bharti Airtel became the majority shareholder in Indus Towers following a buyback of shares by the telecom infrastructure company in August.

Airtel now owns 50.005% shares in the passive infrastructure company.

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