Sunil Mittal’s decision to retire from the board is being seen as the first step towards bringing in the next generation of the Mittal family to take on the reins of one of India’s leading family businesses.
Key Points
- While Bharti Airtel executive VC Gopal Vittal will be appointed non-executive chair of Airtel Africa, Mittal’s son Shravin Bharti Mittal will take on the role of deputy chair.
- Airtel entered the African market by acquiring Zain Telecom in June 2010.
- Shravin, one of Mittal’s three children, is director of Bharti Global.
- Bharti Global acquired a 24.5 per cent stake in UK-based British Telecom or BT group for about $4.5 billion in 2024.
- The family office is also the backer of UK-based satcom player OneWeb, which later merged with Eutelsat.
Sunil Bharti Mittal, 68, will retire as chairman of Airtel Africa in July after the conclusion of this year’s annual general meeting (AGM), the board of the African arm of India’s second-largest telecom service provider Bharti Airtel said in a statement to the exchanges on Wednesday.
Succession plan
As part of the ongoing succession planning at the company, Bharti Airtel executive vice chairman Gopal Vittal, also a non-executive director of Airtel Africa, will be appointed non-executive chair of Airtel Africa, while Mittal’s son Shravin Bharti Mittal will take on the role of deputy chair with effect from the same date.
Annika Poutiainen, one of the non-executive directors on the board of Airtel Africa, will also retire at the conclusion of the July AGM, having served for over seven years, the statement added.
The date for Airtel Africa’s July AGM is yet to be decided.
Airtel Africa operates in 14 countries in the continent, and Sunil Mittal has been its chairman since the company’s listing on the London Stock Exchange (LSE) in 2019.
Airtel's African venture
Airtel entered the African market by acquiring Zain Telecom in June 2010.
Sunil Mittal’s decision to retire from the board is being seen as the first step towards bringing in the next generation of the Mittal family to take on the reins of one of India’s leading family businesses that has grown into a mammoth Rs 1 trillion marketcap enterprise with a global footprint.
“As deputy chair, Mr Mittal (Shravin) will ensure continuity with the founding family and significant shareholder, and will be the board's conduit with the Airtel Money board, on which he serves, and with Airtel Africa's headquarters in Dubai, where he is based,” the statement said.
Who is Shravin Mittal?
Shravin, one of Mittal’s three children, is director of Bharti Global Ltd, the Bharti family office, and also founder of London-based Unbound, a technology-focused venture capital firm.
Bharti Global acquired a 24.5 per cent stake in UK-based British Telecom or BT group for about $4.5 billion in 2024.
The family office is also the backer of UK-based satcom player OneWeb, which later merged with Eutelsat to create one of the world’s leading
satellite communications service providers with presence in India.
“The next generation of my family — a larger family — is all building muscle in different forms and shapes.
"They’re running their own businesses, their own outfits, getting trained outside the system,” Sunil Mittal had said in a call with investors on February 26.
What experts say about Sunil Mittal's move
Experts in the field of family offices and succession planning said that Sunil Mittal’s decision to bring the next generation into the leadership has been well thought-out and executed.
“The induction of the next line of leadership alongside a seasoned professional like Gopal Vittal reflects a fine balance between continuity of legacy and professional stewardship, a hallmark of strong family-led enterprises.
"It is absolutely encouraging to see Indian business families institutionalising leadership transitions with such clarity.
"This is what builds multi-generational enterprises and not just successful companies,” said Sreepriya NS, chief executive officer (CEO) of Entrust Family Office.
“I want to extend my thanks to the board of Airtel Africa for their support to me as chairman,” Sunil Mittal said.
He noted that Airtel Africa has a “solid strategy” and an “outstanding leadership team” in place, the strength of which is evident in recent results.
“So, I am confident that now is the time for me to step aside as chair.
"It has been an honour to lead Airtel Africa in this capacity, and I know the company will continue to prosper and advance the transformative power of connectivity to the millions of customers we serve across 14 African countries.
"I have offered my services and will be available to support the company as requested by the chair,” he said.
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