Indus Towers Ltd
Chairman Speech
Dear Shareholders,
The Indian telecom industry is the second largest telecom industry in
the world with a subscriber base of 1.17 bn as of April 2022 (wireless + wireline
subscribers) and continues to grow rapidly and contributes substantially to the Gross
Domestic Product of the nation. The major drivers of the remarkable growth of the industry
over the last few years have been the exponential increase in demand for data by the large
Indian consumer base, apart from affordable tariffs, wider availability, Government's
initiatives towards bolstering India's domestic telecom manufacturing capacity, and a
conducive regulatory environment. Data traffic in India remains amongst the highest in the
world and has grown at a CAGR of 53% in mobile broadband over 2017-21, with the average
monthly data traffic per user growing by 31% CAGR in the last 5 years to ~17 GB in FY
2022. The pandemic further reinforced the importance of connectivity as a part of everyday
life.
As one of the largest IP-1 players, Indus Towers has served as the
backbone for the rapid propagation of wireless services in the country for over a decade.
The growth in data and proliferation of 5G are expected to provide lot of new
opportunities to tower companies. Network densification is expected to usher in demand for
leaner structures supplemented by fiber solutions to support the high-speed requirements
of 5G. Overall, Indus Towers looks set to continue the growth story of the last decade
backed by the underlying business need and an exploding demand driven telecom growth.
On the year gone by, I must appreciate "Team Indus" for
successfully completing the merger amidst the pandemic and other natural disasters.
Alongside this, the team has maintained and grown the network thus enabling the
connectivity across the nation, helping millions of people during the tough times last
year. The team continued to install new towers even in the toughest terrains of India like
Ladakh and Himachal Pradesh.
In September 2021, the Government announced a relief package and a
number of structural and process reforms in order to promote healthy competition, drive
further investments and support the liquidity needs of the Telecom Service Providers.
Key features of the package include moratorium of four years on payment
of Adjusted Gross Revenue (AGR) and spectrum dues, option to retire the dues and interest
amount by way of equity, exclusion of non-telecom revenue from the definition of AGR going
forward, removal of spectrum usage charges in future auctions and rationalization of bank
guarantee. As a network infrastructure provider, Indus Towers stands to benefit from these
reforms as these are expected to accelerate the network expansion plans of the TSPs with
investments in tower infrastructure.
During November-December 2021, all three major private TSPs raised
their tariffs. This helped them improve average revenue per user (ARPU) and address the
financial distress of the industry thereby paving the way for investments in network and
spectrum in view of imminent 5G rollout.
Both Bharti Airtel and Vodafone Idea have indicated that further upward
revisions of tariffs can be expected in 2022, which bodes well for the health of the
telecom sector.
There were rapid developments from both the Government and TSPs in FY
22 to make 5G a reality. On one hand the Government took steps to conclude the auction of
spectrum as it is striving for faster deployment of the infrastructure, on the other hand
the TSPs were active in conducting trials, forging partnerships with technology companies
and preparing for launch of services. Reduction in reserve price across bands, easing of
payment schedule and ample supply of spectrum were vital factors addressing the stretched
financial situation of the industry. They contributed to the successful auction which saw
active participation from the telcos.
The acquisition of 5G spectrum will facilitate a rapid rollout of 5G
across country for which Indus being the leader in tower infrastructure in India will have
a significant role to play.
Additionally, the government reiterated its commitment for fiberisation
of tower network with the Minister of State for Communications highlighting that the
Department of Telecommunications (DoT) was on track to meet the target of bringing fiber
optic-based networks to more than six lakh villages by August 2023. The need for fiber is
expected to grow exponentially with the 5G rollout requiring backhaul infrastructure
capable of handling high data volumes. Also, in March 2022, TRAI initiated a pilot program
to use street infrastructure with a view to speed up the telecom infrastructure expansion
process. The use of street furniture will avoid duplication of resources and is also seen
as an efficient way to overcome Right-of-Way (RoW) challenges.
FY 22 saw a strong financial performance, as our gross revenue grew 8%
year-on- year to H 277.2 billion. Within that our core revenues grew 7.6% year-on-year to
H 176.1 billion. Adjusted for non-recurring items, gross revenue and core revenues were up
6.7% and 4.8% year-on-year, respectively. The growth story was further reflected in our
profitability metrics as well with EBITDA growing at 12.7% to H 149.4 billion and profit
after tax growing 28.1% to H 63.7 billion. Adjusted for non-recurring items, EBITDA, and
profit after tax, were up 10.1% and 21.4% year-on-year, respectively. On May 5, 2022, the
Board has declared an interim dividend of H 11/- per equity share of H 10/- each fully
paid up (110% of face value) for FY 2021-22.
On the receivable situation with a customer, we continue to collaborate
with them to resolve the situation. In February 2022 we had restructured the security
package provided by Vodafone Promoters to reduce the outstanding amount from VIL. This was
done through Vodafone Plc selling the pledged shares and infusing the proceeds in VIL, and
VIL utilizing the proceeds to repay part of its dues towards Indus in March 2022.
Vodafone Promoters sold 7.1% of their stake in Indus Towers for a total
consideration of ~ H 38,112 Mn. Out of this, 4.7% was acquired by Bharti Promoters for a
consideration of ~ H 23,880 Mn while the remaining 2.4% was sold to other investors. As a
result of these transactions, Vodafone Promoter's shareholding has decreased from 28.1% to
21.0%, and shareholding of Bharti Promoters has increased from 41.7% to 46.4%.
Subsequently, Bharti Promoters have acquired 1.36% from open market taking their total
shareholding in the Company to 47.76%.
The CSR vision of Indus aims at building an empowered society through
education, community development, sustainable environment, and other need-based
initiatives. At Indus, CSR is a way of life and is well integrated with our overall
business strategy. During the year, the Company has contributed H 356.29 Mn towards
various CSR projects and programmes for the nation's sustainable development. Indus is
fully committed to the government's vision of responsibility towards the society.
An especially important initiative which we started giving shape during
the year was ESG. We remain committed to a sustainable future for all, with the very
existence of this Company and its operations for over a decade bearing testimony to its
sustainable practices. We have identified high priority areas across the environmental,
social and governance dimensions. As we set up the targets across the aforementioned
areas, the directions from Indus Management is absolutely clear in driving the initiatives
towards a sustained achievement of the targets. Our unwavering commitment to this ESG
journey will create sustainable business and continue to generate value for all the
stakeholders.
To conclude, we believe that the overall outlook for the sector and the
Company remains positive owing to the robust macroeconomic fundamentals of the nation,
exploding data driven demand of the Indian consumer and value addition of our business
model. We are fully committed to support the honorable Government of India and our
customers by enabling connectivity across the nation and thereby accelerating the Digital
India drive.
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Indus Towers Ltd
Directors Reports
Dear Members,
Your Directors are pleased to present the Sixteenth Board?s Report
on the business and operations of Indus Towers Limited (formerly Bharti Infratel Limited)
(‘the Company?) together with the audited financial statements for the financial
year ended March 31,2022.
Business Overview
Indus Towers is a provider of tower and related infrastructure sharing
services. We are one of the largest telecom tower companies in India basis the number of
towers and co-locations operated by the Company. The business of Indus Towers is to
deploy, own, operate and manage passive infrastructure pertaining to telecommunication
operations. The Company provides access to its towers, primarily to wireless
telecommunication service providers, on a shared basis under long-term contracts. Your
Company has a nationwide presence with operations in all 22 telecommunication circles in
India and caters to all wireless telecommunication service providers in India.
As of March 31,2022, Indus Towers owned and operated 185,447 towers
with 335,791 co-locations in 22 telecommunication circles.
Covid-19
As one of the largest telecom tower companies in India, it is
imperative that Indus Towers combats the COVID-19 pandemic by ensuring seamless
connectivity to the customers while maintaining and ensuring employees? safety and
well-being. Our employees worked overtime to ensure that the vital connectivity is
maintained at all times while enforcing social distancing and other safety protocols to
contain the spread of the second and third waves of the pandemic during the financial year
2022.
Financial Highlights
The financial statements of the Company have been prepared in
accordance with the Indian Accounting Standards (Ind AS) notified under Section 133 of the
Companies Act, 2013 ("the Act") read with Companies (Accounts) Rules, 2014.
A. Consolidated financial results as per Ind AS
Rs Millions
| Particulars |
Year ended March 31, 2022 |
Year ended March 31,20211 |
| Revenue2 |
277,172 |
139,543 |
| EBIDTA2 |
149,429 |
72,599 |
| Profit before Tax |
84,307 |
47,569 |
| Profit after Tax |
63,731 |
37,790 |
1 Basis Equity Method
2 Revenue & EBITDA are excluding other income
B. Standalone financial results as per Ind AS
Rs Millions
| Particulars |
Year ended March 31, 2022 |
Year ended March 31, 2021 |
| Revenue1 |
|
277,082 139,508 |
| EBIDTA1 |
|
149,305 72,586 |
| Profit before Tax |
|
84,243 43,160 |
| Profit after Tax |
|
63,671 33,382 |
1 Revenue & EBITDA are excluding other income
The results for the previous financial year include the results of
erstwhile Indus Towers Limited which merged with and into the Company w.e.f. November 19,
2020 for the period subsequent to that date till the end of the financial year (Refer
Notes of the Standalone/Consolidated Financial Statements for further details).
Accordingly, the figures for the previous financial year ended March 31,2021 are not
comparable with the figures of the current financial year ended March 31,2022.
Share Capital
During the financial year 2021-22, there is no change in the Authorized
share capital of the Company and it stood at ? 35,500,000,000/- divided into 3,550,000,000
equity shares of ? 10/- (? Ten) each.
During the year, there was no change in the Company?s issued,
subscribed and paid-up equity share capital.
As on March 31,2022, the issued, subscribed and paid-up equity share
capital of the Company is ? 269,493,69,500/- divided into 2,694,936,950 Equity Shares of ?
10/- (? Ten) each fully paid-up.
Transfer to Reserves
The Company has not transferred any amount to the General Reserve for
the financial year ended March 31,2022.
Dividend
On May 5, 2022, the Board has declared an interim dividend of H 11/-
per equity share of ? 10/- each fully paid up (110% of face value) amounting to ?
29,644.31/- Mn for the financial year 2021-22.
Dividend Distribution Policy
As per Regulation 43A of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (‘the Listing Regulations?), top 1000 listed
companies based on the market capitalization shall formulate a dividend distribution
policy. Accordingly, the policy was adopted by the Board of Directors of the Company to
set out the parameters and circumstances that will be taken into account by the Board in
determining the distribution of dividend to its shareholders and / or retaining profits
earned by the Company. The dividend distribution policy is available on the Company?s
website at
https://www.industowers.com/wp-content/themes/indus/pdf/policv/Dividend-Policv.pdf.
Credit Rating
As on the date of this report, CRISIL Limited rated their LongTerm
Rating to CRISIL AA+/ Stable, Short-term rating to CRISIL A1+ (Reaffirmed) and Bond rating
to CRISIL AA+/ Stable. It also reaffirmed the Commercial Papers Rating to CRISIL A1 +
assigned to the Company. Further, ICRA Limited rated the NonConvertible Debentures rating
to [ICRA] AA+ (Stable), Term Loans rating to [ICRA] AA+ (Stable), Fund based/ Non-fund
based rating to [ICRA] AA+ (Stable) and rating of unallocated limits to [ICRA] AA+
(Stable)/ A1+. It also reaffirmed the Commercial Papers Rating to [ICRA] A1+ and issuer
rating to [ICRA] AA+ (Stable) assigned to the Company.
Transfer of amount to Investor Education and Protection Fund
Pursuant to the provisions of Section 124 of Companies Act, 2013 during
the Financial Year 2021-22, the Company has transferred an amount of ? 150,260/- (Rupees
One Lakh Fifty
Thousand Two Hundred and Sixty Only) pertaining to final dividend on
equity shares for financial year 2013-14, and ? 1,64,619/- (Rupees One Lakh Sixty Four
Thousand Six Hundred and Nineteen Only) pertaining to interim dividend for financial year
2014-15, which remained unpaid/ unclaimed for a period of seven years, to Investor
Education and Protection Fund (IEPF) established by the Central Government.
Further, 241 equity shares of the Company on which the dividend
remained unpaid/ unclaimed for a period of seven consecutive years were also transferred
to IEPF in accordance with the Act and rules thereunder after giving due notice to the
concerned shareholders.
The investors whose shares and dividend amount have been transferred to
IEPF may claim their shares and seek refund in accordance with the provisions of law. The
details regarding the above along with the process for claiming the unpaid dividend /
shares is available on the website of the Company at https://
www.industowers.com/investor/shares/.
The Company has also uploaded the details of unpaid and unclaimed
dividend amounts lying with the Company as on August 3, 2021 (date of last Annual General
Meeting) on the website of the Company at https://www.industowers.com/
investor/shares/?var=1657517893.
Nodal Officer
In accordance with the provisions of Rule (2A) of Rule 7 of Investor
Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules,
2016, Ms. Samridhi Rodhe has been appointed as the Nodal Officer of the Company. The
details are available on the Company?s website at www.industowers.com.
Deposits
The Company has not accepted any deposit and as such no amount of
principal or interest was outstanding as on the date of the balance sheet.
Directors and Key Managerial Personnel
Induction, Re-appointment and Resignation
Pursuant to the provisions of the Companies Act, 2013, Mr. Bimal Dayal
(DIN: 08927887), Managing Director & CEO, Mr. Thomas Reisten (DIN: 06900067) and Mr.
Gopal Vittal (DIN: 02291778), Non-Executive Non-Independent Directors of the Company will
retire by rotation at the ensuing AGM and being eligible, have offered themselves for
re-appointment. The Board, on the recommendation of the HR, Nomination and Remuneration
Committee, recommends their re-appointment as Directors liable to retire by rotation at
the ensuing AGM.
Ms. Anita Kapur (DIN: 07902012) is going to complete her first term as
an Independent Director of the Company on January 16, 2023. On the recommendation of the
HR, Nomination and Remuneration Committee, the Board in its meeting held on May 5, 2022,
subject to the approval of the shareholders, has reappointed her as an Independent
Director for a further term of five years w.e.f. January 17, 2023 to January 16, 2028. The
Company has received requisite notice from a member under Section 160 of the Companies
Act, 2013 proposing the appointment of Ms. Anita Kapur as Independent Director. The Board
recommends her re-appointment at the ensuing AGM. In the opinion of the Board, she
possesses requisite qualifications, experience, expertise, proficiency and hold high
standards of integrity.
Mr. Balesh Sharma (DIN: 07783637), Non-Executive NonIndependent
Director of the Company has resigned from the Board w.e.f. June 30, 2022. The Board placed
on record its sincere appreciation for the guidance and contribution made by him during
his tenure on the Board.
Pursuant to the provisions of Section 161 and other applicable
provisions of the Companies Act, 2013 and applicable provisions of the Listing Regulations
and as recommended by HR, Nomination and Remuneration Committee, Mr. Sunil Sood (DIN:
03132202), was appointed as an Additional Director in the capacity of a Non-Executive
Non-Independent Director w.e.f June 30, 2022. He will hold office up to the date of
ensuing AGM. The Company has received requisite notice from a member under Section 160 of
the Companies Act, 2013 proposing the appointment of Mr. Sunil Sood as Director, liable to
retire by rotation. The Board recommends his appointment as a Director liable to retire by
rotation at the ensuing AGM.
Brief resume, nature of expertise, disclosure of relationships between
directors inter-se, details of directorships and Committee membership held in other
companies of the Directors proposed to be appointed/ re-appointed, along with their
shareholding in the Company, as stipulated under Secretarial Standard- 2 and Regulation 36
of the Listing Regulations, is appended as an Annexure to the Notice of the ensuing AGM.
Declaration by Independent Directors
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet the criteria of independence as
prescribed under Section 149 of the Companies Act, 2013 and Regulation 16 & 25 of the
Listing Regulations. The Independent Directors have also confirmed that they have complied
with the Company?s code of conduct.
Policy on Nomination, Remuneration and Board Diversity
The Company believes that building a diverse and inclusive culture is
integral to its success. A diverse Board will be able to leverage different skills,
qualifications, professional experiences, perspectives and backgrounds, which is necessary
for achieving sustainable and balanced development. The Board has adopted a Policy on
Nomination, Remuneration and Board Diversity, on appointment and remuneration of
Directors, Key Managerial Personnel & Senior Management.
The Policy, inter-alia, includes criteria, terms and conditions for
determining qualifications, competencies and positive attributes for appointment of
Directors (executive and non-executive including independent directors), Key Managerial
Personnel and persons who may be appointed in Senior Management positions, their
remuneration and diversity in the Board etc. The detailed policy is available on the
website of the Company at https://
www.industowers.com/wpcontent/themes/indus/pdf/Policy-on-Nomination-Remuneration-and-Board-Diversitv.pdf.
Annual Board Evaluation and Familiarisation Programme for Board Members
The Company has adopted a structured induction programme for
orientation and training of Directors at the time of their joining. A note on the
familiarisation programme is provided in the Report on Corporate Governance, which forms
part of this Integrated Report.
The HR, Nomination and Remuneration Committee, has put in place a
robust framework for evaluation of the Board, Board Committees and Individual Directors
including the Independent Directors, Chairman and MD & CEO. Customized questionnaires
were circulated, responses were analysed, and the results were subsequently discussed by
the Board. Recommendations arising from the evaluation process were duly considered by the
Board to further augment its effectiveness. A detailed update on the Board Evaluation is
provided in the report on Corporate Governance which forms part of this Integrated Report.
Board Meetings
During the financial year 2021-22, the Board of Directors met 5 times
i.e. on April 22, 2021; July 29, 2021; October 25, 2021, January 27, 2022 and February 21,
2022. The period between any two consecutive meetings of the Board of Directors of the
Company was not more than 120 days.
The details regarding composition, number of Board meetings held, and
attendance of the Directors during the financial year 2021-22 are set out in the Report on
Corporate Governance which forms part of this Integrated Report.
Board Committees
The Company has several Board Committees which have been established as
part of the best corporate governance practices and are in compliance with the
requirements of the relevant provisions of applicable laws and statutes. As on March 31,
2022, the Board has 6 Committees, namely, Audit & Risk Management Committee, HR,
Nomination and Remuneration Committee, Corporate Social Responsibility (CSR) Committee,
Stakeholders? Relationship Committee, Environmental, Social and Governance (ESG)
Committee and Special Committee of Directors. The details with respect to the composition,
powers, roles, terms of reference, number of meetings held etc. of the Committees during
the financial year 2021-22 and attendance of the members at each Committee meeting is
provided in the Report on Corporate Governance which forms part of this Integrated Report.
All the recommendations made by the Committees of the Board including
the Audit & Risk Management Committee were accepted by the Board.
Subsidiary/ Joint Venture/ Associate Company
As on March 31, 2022, the Company has a wholly owned subsidiary named
Smartx Services Limited.
In accordance with Section 129(3) of the Companies Act, 2013, the
Company has prepared consolidated financial statements of the Company and its subsidiary,
which forms part of this Integrated Report. A statement in Form AOC- 1, containing the
salient features of the financial statements of the subsidiary company is annexed as Annexure
A to this report. The statement also provides the details of performance and financial
position of the subsidiary company.
Audited financial statements of Smartx Services Limited for the
Financial Year 2021-22 have been placed on the website of the Company at
www.industowers.com. The audited financial statements of the subsidiary company are
available for inspection at the Company?s registered office and registered office of
the subsidiary company. Shareholders interested in obtaining a copy of the audited
financial statements of subsidiary company may write to the Company Secretary at the
Company?s registered office.
The Company does not have any joint venture company or an associate
company as on March 31, 2022.
Human Resources
At Indus Towers, we believe that our people are key to the success of
our business. Indus Towers has set an example for several organizations in India by
leading the way and demonstrating how putting people front and center in organizational
initiatives can lead to achieving higher levels of business performance.
Its values ExCITE -- Excellence, Customer, Integrity, Teamwork and
Environment -- foster a culture of alignment and trust where employees find more
fulfilment in their work. Despite unprecedented challenges in the telecom industry in
India, Indus Towers has navigated change through its sound people strategy. It is the
commitment and dedication of our employees that enabled us to keep nation remain connected
even amidst adversities and the challenges posed by the COVID-19 pandemic. Our human
capital has, therefore, played a pivotal role in shaping Indus Towers into what we are
today.
We are building a culture where change is seen as an ongoing process
for self-growth and progress. Its ninth consecutive Gallup Exceptional Workplace Award is
a testament to its mission, which reiterates our purpose for existence - to transform
lives through sustainable Digital Infrastructure and Services which again has been defined
post deliberation of our 3,000+ employees coming together to decide what should be the
Mission & Vision of the company through a process called Large Scale Interactive
Process (LSIP). For a young organization like Indus Towers, which operates in the B2B
space, defining and percolating an organization wide culture and becoming an employer of
choice are two important and interrelated aspects.
During our journey, we have realized that the first step in creating an
employer brand is to define and articulate the culture which proves to be a
differentiating factor for external and internal employees. Connecting and engaging with
3,248 employees spread across our 22 circles has become possible through our constant
communication especially in time of COVID-19 pandemic. Our leadership has always been the
first one to communicate with all employees and focus on their well-being is their
priority. Throughout the year, the leadership stood by their people in times of crisis
valuing their relentless efforts and providing any type of support that was needed. Not
only did they prioritise their health and safety, but also implemented methods to ease
anxiety and improve productivity during these tough times.
The communication strategy at Indus has been instrumental in keeping
morale of the employees high while ensuring their engagement at the same time. At Indus
Towers, we believe in embracing technology and continue to use it to our advantage to make
processes simpler and more efficient. We continue to automate our processes, use the
systems and technological shifts have made it even more important for people to become
‘fit for the future?, both as professionals and as individuals. Keeping this in
mind, we constantly organize various learning and development initiatives for our
employees. Due to the pandemic, new methods of learning have emerged, and our employees
continue to adapt with new-age processes. During the year under review, we strengthened
our online learning platform- Oracle Learning Cloud (OLC) by conducting e-learning as well
as blended learning. We reviewed our existing courses and made improvements as per the
changing needs. We conducted a rapid triage of the entire portfolio of learning offerings
and set priorities for what will be necessary to adapt to a virtual/blended or digital
only format. To ensure employee safety at workplace, every new employee is required to
undergo mandatory safety training as well as Competency Development Program (CDP) which
introduces them to understand important concepts and their application in the context of
their work. As part of our commitment towards holistic development, employees are
continuously being encouraged to go for external certifications and MDP programs from
elite institutions like ISB, IIMs, etc. At Indus, we focus on building an overall employee
experience and engagement & well-being forms the core of it. Our aim is to make our
people proud of the work they do at Indus. We not only want them to excel, but we also
want them to realize their contribution to the organization and provide them opportunities
to learn and grow.
Some of the key initiatives undertaken during the year included:
• Volunteering programs organized under Personal Social
Responsibility (PSR) was organized involving more than 1,100 volunteers impacting over
9,000 beneficiaries. Joy of Giving Week Celebrated- 793 employees participated in
activities such as recycling drive, plantation drive, book donation drive, food
distribution, clothes donation, visit to old age home etc.
• Conducted financial wellness programs that were designed to help
employees manage their finances better Programs were conducted on a regular basis to help
employees manage health and stress in work and personal environment focusing on the
overall physical and mental wellbeing. Inhouse Doctor and Advisor was onboarded to provide
medical consultation. COVID-19 vaccination camps and drives were organized Pan India
• Social and emotional wellbeing formed an essential part of our
wellbeing programs- Launch of Digital Reward &
Recognition Platform called i-appreciate to appreciate and recognize
employees on the go. Regular field connect with employees, virtual/hybrid engagement
initiatives were conducted to keep the connect stronger
Diversity and Inclusion is at the heart of Indus, over the years we
have been constantly working on strengthening our policies and processes to provide a
safe, equal and inclusive work environment for all. We have been successful in onboarding
diverse talent not only for office-based roles but also in the field. While being an
engineering and hardcore technical organization, where availability of diverse talent is
limited, share of women in our total employee population is 5.8% and we are determined to
improve this year on year.
Continuing our efforts to ensure a conducive and safe environment for
women employees, we have a mandatory training on POSH added to our online learning module,
which needs to be completed by all employees within a month of joining. We also have a
neutral Internal Complaints Committee which investigates and takes appropriate action on
any concerns related to harassment raised by employees. Apart from this, many engagement
initiatives are planned and calendarized for D&I. Talks by Women Leaders were held for
I-WIN network, which is a Pan Indus women?s network focused on networking, learning
and growing. We celebrated International Women?s Day with excitement and our women
employees who play a transformative role spoke about their experience at Indus that
resounded our commitment to create a gender inclusive culture across the telecom
infrastructure space. We celebrated the #ToweringWomenofIndus who take it upon themselves
to lead purposefully and "Break the Bias".
Employees Stock Option Plan
To retain, promote and motivate the best talent in the Company and to
develop a sense of ownership among employees, the Company has instituted two ESOP schemes
i.e. Employee Stock Option Scheme 2008 (ESOP Scheme 2008) and Employee Stock Option Scheme
2014 (ESOP Scheme 2014) with the approval of shareholders. The said schemes are in
compliance with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations,
2021, (ESOP Regulations). The HR, Nomination and Remuneration Committee monitors the
Company?s ESOP schemes.
In accordance with the ESOP Regulations, the Company had set up Indus
Towers Employees? Welfare Trust (formerly Bharti Infratel Employees? Welfare
Trust) (ESOP Trust) for the purpose of implementation of ESOP Schemes. Both the ESOP
schemes are administered through ESOP Trust, whereby shares held
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