MUMBAI: Bharti Airtel is forming a new independent fibre company and has appointed chief technology officer Abhay Savargaonkar as the new venture's chief executive officer, The Economic Times has reported.

Airtel had made an internal announcement to this effect last week, the report said, adding that Savargaonkar will continue to report to Bharti Airtel CEO Gopal Vittal.

Moreover, the company is also bringing in Randeep Singh Sekhon,  replacing Savargaonkar, to head the networks department as the new chief of technology for its India and South Asia operations. 

The telco is in the final stages of transferring its optical fibre cable network to  Telesonic Networks Ltd, by way of a slump sale. According to experts, Airtel has to sell a good amount of stake in order to form the new company.