Dilip Modi

Bhupendra Kumar Modi, the director and chairman of S Mobility* is stepping down from his position with effect from today, the company has informed BSE.

Following this, the company’s board of directors has now appointed Dilip Kumar Modi as the Chairman of the company, as part of the succession plan within the group.

Dilip Modi had built India’s first mobile operator Modi Telstra, in collaboration with Australia’s Telstra and had become the telco’s chairman in 1999. It was later rebranded to Spice Telecom in 2000 and acquired by Bharti Airtel for $90 million in 2001. He also led the the public listing of Spice Communications in 2007, which was later merged with Idea Cellular in June 2008.

In the past five years, Dilip has also set up Spice’s mobility businesses in segments like Mobile Devices (Spice Mobile), Mobile Value Added Services (Spice Digital) & Mobile Retail (Spice Hotspot).

He was also appointed as the company’s Executive Vice Chairman in October 2010 and as the managing director of Spice Global in May 2011. However, Modi resigned as the managing director in February 2012.

Earlier this month, S Mobility had reported revenues of Rs 568.16 crore for the quarter ended December 31, 2013, registering a 15.9% increase from Rs 490.43 crore revenues from the same quarter last year. It had reported profits of Rs 1.02 crore for the quarter, as compared to Rs 13.77 crore loss in the same quarter last year. The company’s device business had reported a loss of Rs 1.47 crore and total revenues of Rs 517.34 crore for the quarter while its  services business reported a profit of Rs 4.02 crore and total revenues of Rs 52.40 crore for the quarter.

*Disclosure: Spice Digital, a subsidiary of S Mobility is an advertiser with MediaNama

Updates: Headline change