Kumar Mangalam Birla resigned as chairman of Vodafone Idea, days after revealing his company was willing to divest its stake in the Indian operator over concerns about its ability to resurface from troubled waters.
Vodafone Idea’s board informed the National Stock Exchange of India (NSE) it had accepted Birla’s resignation yesterday (4 August), with current non-executive director Himanshu Kapania lined up as his replacement.
Kapania brings 25 years of industry experience to the role and he was recommended by Aditya Birla Group.
Vodafone Idea’s board also accepted a nomination from Aditya Birla Group for Sushil Agarwal to be appointed as an additional director of the operator, effective immediately.
Earlier this week, Indian press reported Birla offered to let the government or another capable body take over Aditya Birla Group’s stake in Vodafone Idea.
The operator has struggled financially for years and is involved in a long-running spat with India’s government over adjusted gross revenue tax.