No salary hike for Mukesh Ambani even this year despite Jio success

Reliance Industries chairman and managing director Mukesh Ambani is setting an example for everyone to follow. India’s richest man has kept his annual salary unchanged for tenth consecutive year in a row. According to the company’s annual report for the year 2017-2018, Ambani’s annual salary remained unchanged at Rs 15 crore for the last financial year.

The business manganate has kept his salary capped at Rs 15 crore since 2008-09 forgoing commission of nearly Rs 24 crore annually. In comparison, other directors and top executive at the company saw handsome raise in their annual salary at the financial year ending on March 31, 2018.

As per a PTI report, Ambani’s remunerations for the financial year 2017-2018 included salary and allowances of Rs 4.48 crore, which is slightly higher than what he got in 2016-2017. His commission, however remained unchanged at Rs 9.53 crore. His pre-requisites, on the other hand, declined from Rs 60 lakh in 2016-2017 to Rs 27 lakh in 2017-2018. His retirement benefits remained at Rs 71 lakh.

As mentioned earlier, while Ambani’s salary remained the salary, other executives saw their salaries rise. His cousins, Nikhil R Meswani and Hital R Meswani saw their salaries rise from Rs 16.58 in 2016-2017 each to Rs 19.99 crore each.

Reliance Industries Limited’s non-executive directors also saw their commission rise form Rs 1.3 crore each in 2016-17 to Rs 1.5 crore each in 2017-2018. They also got a separate sitting fees. Nita Ambani, who is one of the non-executive directors of the company, too got a compensation of Rs 1.5 crore besides getting a sitting fee of Rs 6 lakh.

Meanwhile, with the assets valuating at $40.1 billion, Ambani, who is the richest man in India, moved to the 19th spot in the Forbes annual list of richest people released in March 2018. Back in 2017, he stood on the 33rd spot with assets valuating at $23.2 billion.

Mukesh Ambani is accredited with launching Reliance Jio, the newbie telecom operator which has revolutionised the Indian telecom sector ever since it was launched in September 2016. The company disrupted the market with its affordable data plans, Jio Wi-Fi its Jio phones. And now the company has started rolling out its JioFiber service across select cities in the country. The service offers fibre-to-the-home (FTTH) broadband connections with 1.1TB of free data at a speed of 100mbps to the users.

Besides this, the company recently was crowned as the 17th most innovative company in the world and India’s most innovative company for the year 2018 by an American magazine Fast Company. Fast Company’s 50 Most Innovative Companies list for 2018 included Apple on the top spot followed by Netflix,Square and Tencent on the second, third and fourth spots respectively.

Leave a Reply

Your email address will not be published. Required fields are marked *