Starting on August 19, Himanshu Kapania will be replaced as the chairman of the telco by Ravinder Takkar, managing director and chief executive officer of telecom provider Vodafone Idea Limited (Vi).
“The board unanimously elected Ravinder Takkar, as chairman of VIL board, effective August 19, 2022…it (also) accepted the request of Himanshu Kapania, to step down as non-executive chairman with effect from August 18,” Vi said in a BSE filing on Wednesday.
The telco claimed that Takkar, in his capacity as chairman, will use his 30 years of experience to lead the business.
On August 18 of this month, Kapania will resign as the board’s non-executive chairman. He will still serve as a non-executive director on the VIL board, though. Vi claimed that Kapania himself made the request for this.
Vi had already stated that Takkar would be replaced as the company’s new CEO by its chief financial officer, Akshaya Moondra. At that point, the loss-making telco, which has been battling to turn around its operations despite a severe cash crunch, had undergone three top-level changes in less than four years.
In the meantime, Vodafone Idea announced today that its net loss for the three months ended June 30, 2022, had somewhat narrowed to ₹7,297 crore. In the previous quarter, it posted a net loss of ₹7,319 crore rupees.
The telco’s operational revenue increased 14% to ₹10,410 crore from ₹9,152 crore in Q1FY22.
Average revenue per user (ARPU) increased by 23.4 percent during the June quarter to ₹128 from ₹104 in Q1FY22, helped by tariff increases.