S Mobility* has restructured its operations with an aim to consolidate the holdings of promoters, Dr BK Modi and his family into a separate holding company, to allow S Mobility to operate independently with a professional top level management, appointing a new CEO, CFO and other business and vertical heads who would be responsible for handling different operations of the company. Dr. Modi, the founder, and his family will no longer play the executive roles.
The promoter holdings will be consolidated in a new company, S i2i Mobility Private Limited which will hold 68.65% of S Mobility Limited, which in turn is a 100% subsidiary of S Global Holdings, a Group that that has interests in several businesses including education, entertainment, digital healthcare, commerce, retail, and internet retailing. S i2i Mobility will have Dr B. K. Modi as the CEO and Chairman and Board of Directors comprising of professionals and members of Dr. Modi’s family. It will focus on the company’s mobile internet initiatives.
Following the announcement, Dilip Modi has resigned from the post of Managing Director, S Mobility, w.e.f. February 09, 2012. He will continue to act as Director on the Board of the Company. R. S. Desikan, who was previously Group CFO & Director Finance at Mastek Limited, has been appointed as the CEO of the Company. S Mobility has also appointed Rajiv Makhni, Consulting Managing Editor, Technology, NDTV as an Additional Director.
The Spice Group also informed that it plans to invest $100 million for over period of five years in the Global Innovation Centre at Singapore. The GIC will be responsible for carrying out the mobile and internet business and creating mobile internet products specifically for their customers in their i2i region (Indonesia to Ivory Coast). The centre will have 250 employees.
Medianama readers would recall that Spice has adopted a modular business structure where Spice i2i deals with the international devices and retail business.
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