Bharti Airtel on Wednesday announced the company’s new framework to sharpen the company’s focus on driving digital opportunities that emerged more quickly while being able to unlock value.
The new structure includes the collapse of Airtel Digital Limited in the listed company Bharti Airtel.
This will now include all digital assets including Wynk Music, Airtel X streaming, Airtel Thanks, Mitra Payments platform used by millions of retailers, Airtel Ads, Airtel IQ, Airtel Secure, Airtel Cloud and all products and future digital services, the company said in a statement.
The telecommunications business will remain in the newly formed business – Airtel Limited which is a wholly owned subsidiary of Bharti Airtel Limited.
“It is therefore intended to integrate all telecommunications businesses into the newly formed business, Airtel Limited which is a wholly owned subsidiary of Bharti Airtel Limited,” the company said.
Bharti Telemedia, a 100% arm of DTH services, will be located next to Airtel Limited for now.
“It is intended to ultimately turn DTH’s business into Airtel Limited to the NDCP’s vision of integrated customer service,” he added.
The company has contacted the government to seek clarification on the licensing policy given that the telecom and DTH trailer is currently regulated and operated under two separate I&B communications departments, respectively.
Airtel Payments Bank will remain a separate entity under Bharti Airtel and “work closely with growing customers to play a key role in realizing the digital opportunity offered by payments and financial services.”
All of the company’s infrastructure businesses such as Nxtra and Indus Towers will continue to be separate businesses as they currently are.
The same can be said of subsidiaries and affiliates.
“The Board at its meeting today approved a plan that enables the company to file all legal permits in order to implement the proposed restructuring,” the statement said.
Bharti Airtel Chairman Sunil Mittal said, “The new facility sets the future course for Bharti Airtel and provides a focus on four different Digital, India, International and Infrastructure businesses, each, in a sharp way.”
“We believe this will provide the power, technology and hard work to serve our customers in a positive way while giving us the flexibility to open a number of shareholders. This facility will be of great help to us in the years to come and win all stakeholders,” Mittal said.