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Haresh Chawla quits as chief of India’s Network18

The long standing chief executive of Network 18 Media & Investments has resigned from the group which counts CNBC-TV18, Awaaz, IBN7, Colors and MTV among its Indian broadcasting assets.

After a company career which began in 1999, it is unclear what Chawla intends to do following his departure from Network 18, which also has interests in print, e-commerce and film.

Over the next few months Chawla will work closely with the Network 18 leadership team and Raghav Bahl, its founder, controlling shareholder and managing director, to "ensure a seamless transition of leadership" – according to a company statement.

"Haresh is the kind a of colleague one can only dream about, so utterly honest, committed and focussed he is on delivering excellence. However, I fully understand his desire to explore other interests, being a person with such boundless enthusiasm and passion for success. Perhaps Haresh's greatest achievement is the strong cadre of next-generation leadership that he has nurtured at several of our Group operations," said Bahl.

When Chawla joined Network 18 it had one TV channel – financial news network CNBC-TV18, and was reportedly worth just 15 crore.

The media group has since grown to spawn one of the India's largest broadcast news networks, with CNN IBN, Awaaz, IBN7 and IBN Lokmat on the rosta. In addition, its joint venture with the US giant Viacom Inc, has provided it with popular Hindi general entertainment channels such as Colors, MTV and VH1.

In addition, the business and finance portal moneycontrol.com, Web18, news website FirstPost.com, financial news agency Newswire 18, and India's edition of Forbes magazine are all owned by Network 18.

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