Grapevine: HDFC Bank spots three people for CEO; JV partners to fund Vodafone Idea
Photo Credit: Reuters

HDFC Bank has identified three contenders to succeed chief executive Aditya Puri: Executive directors Sashidhar Jagdishan and Kaizad Bharucha and global chief executive of Citi Commercial Bank Sunil Garg, two people aware of the development told The Economic Times.

Puri’s term ends in October 2020.

This succession will be discussed at a board meeting on 18 April, said one of the persons cited above. “The plan is to send the recommendations to the central bank before April-end,” another person said.

The bank constituted a six-member search committee last year to find a replacement and appointed Egon Zehnder to assist in the hunt. Puri, who has more than 40 years of experience in the banking sector, is an adviser to the search committee.

Separately, Vodafone Group Plc is likely to infuse fresh capital of up to $225 million (about Rs 1,730 crore at current exchange rate) into Vodafone Idea Ltd, two people in the know told The Economic Times. 

Another $150 million (about Rs 1,150 crore) might come from the private entities of Kumar Mangalam Birla, chairman of Aditya Birla Group (parent of erstwhile Idea), the persons added.

Vodafone Idea is a partnership between Aditya Birla Group and UK-based operator Vodafone Group Plc.

One of the two persons said a tranche from Vodafone Group Plc had already arrived in the last week of March. The contributions are likely to be in the form of preference capital or redeemable preference shares.

A Vodafone Group Plc spokesperson from London said, “I can confirm that Vodafone is not intending to contribute further equity into Vodafone Idea.” 

A spokesperson from Aditya Birla Group said that they do not intend to contribute further equity into Vodafone Idea.

Last year, Vodafone Idea had announced a mega rights issue to raise over $3.6 billion.

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