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Indus Towers names Ramesh Abhishek as Independent Director

Indus Towers has appointed Ramesh Abhishek as an additional director in the capacity of non-executive independent director in its board. Abhishek, a retired civil servant, was the secretary in the Department For Promotion of Industry and Internal Trade (DPIIT) till 2019.

Abhishek will take up the role from January 3, 2023, subject to approval of shareholders, for a term of five years till January 2, 2028, the tower company said in its BSE filings.

As secretary, Abhishek spearheaded a number of key government initiatives such as Make in India, Startup India, and Ease of Doing Business. He also played a crucial role in driving the Invest India initiative to strengthen investment promotion, and oversaw the implementation of the National IPR Policy, 2016.

Abhishek holds a master’s degree in public administration from Harvard Kennedy School.

Indus Towers recently appointed Prachur Sah as the managing director and chief executive officer of the company. His appointment also takes effect from Tuesday. He succeeds Bimal Dayal as the MD and CEO, who resigned from the post to join Adani Transmission as the CEO from October 1.

The tower company has been having issues with securing its receivables, particularly from cash-strapped Vodafone Idea which owes Indus around Rs 7,000 crores in dues. The company has reportedly warned the telco of cutting off access to its towers unless the dues were paid.

The company reported a 44% on-year fall in net profit to Rs 872 in the quarter ended September 2022, on account of a provision of Rs 1,770.9 crore as doubtful debt, relating to the company’s receivables from Vi. Capital Market

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