First generation telecom entrepreneur Sunil Mittal is carving out a place for the Generation Next, by employing his son in a group company that is responsible for Bharti Airtel's international business.
Incidentally, the shareholders' approval for Shravin Mittal's appointment with an annual salary of up to Euro 250,000 (nearly Rs 1.50 crore), came on the same day (September one) when Wipro promoted chairman Azim Premji's son Rishad as chief strategy officer. Shravin would be a staff member in Bharti Airtel International (Netherlands) BV, or BAIN.
The proposal also considered the younger Mittal for stock option, the company said in a regulatory filing to the stock exchanges on Wednesday.
The announcement also coincides with a flurry of activity involving succession plans in India Inc.
Those among the look out for their next leader are diversified Tata Group, software maker Infosys Technologies and engineering group L&T.
The Tata Group and Infosys have set up separate panels to search for a successor to their respective chairmen, while L&T chief A M Naik has said his successor would be named by March 2012.
Among those who have recently brought on board next generation leaders from the promoters' families, are Shiv Nadar-led HCL Group and Kishore Biyani-promoted Futures Group. Shravin is a graduate in accounting and finance from University of Bath, UK, and has worked for more than three years in equity research and portfolio management with JPMorgan Chase & Co, Ernst & Young, Merill Lynch & Company, Deutsche Bank AG and IMG.
His remuneration will not exceed Euro 250,000 per annum or equivalent amount in any other currency, the company filing said.
This would be inclusive of salary, allowances, perquisites, bonus, incentives, retirement benefits and other facilities.
BAIN, incidentally, is the holding entity of all the African operations including Bharti Airtel's recent acquisition Zain.
"He (Shravin) will assist BAIN's management in integration of Zain Africa with the company (Bharti Airtel) and such other assignment as may be assigned by the employer company from time to time," Bharti Airtel said, adding that he may be elevated to the Board or equivalent position either in BAIN or any of the companies in which he's an employee.
