Bharti Airtel announced that its CFO Nilanjan Roy will step down from 28 February 2019. He will be replaced by Badal Bagri as of 01 March. The company also announced that it's looking at options to raise fresh capital.
The company did not give a reason for Roy's departure. He has held the CFO position since 2015.
Bagri has been with Airtel since January 2017, responsible for devising the financial and operational strategy, assisting with a commercial roadmap to realize the long-term vision of the organization and driving overall governance, Airtel said, adding that he has been "instrumental in driving operational efficiencies through cost transformation exercises". He also played a leading role in various mergers and acquisitions.
Bagri worked previously at Airtel from 2010 to 2014, as Chief Controller for the Consumer Business as well as the Global Financial Controller. After leaving Airtel, he was the CFO of Micromax and subsequently Aircel.
Airtel's latest board meeting also approved plans to look at options for fund-raising. A special committee of directors was set up to explore the various options to strengthen the company's capital structure and balance sheet, the company said in a statement. The board will take a final decision whether to raise capital after receiving the committee's recommendation.
