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Reliance Industries Ltd (RIL) Chairman and Managing Director, Mukesh Ambani’s salary was capped at ₹15 crore for the 12th year in a row, while Asia’s richest man had decided to forgo his salary till the impact of the pandemic subsides.
For the financial year 2019-20, Ambani drew a salary of ₹15 crore, of which ₹9.53 crore were from commissions, ₹4.36 crore from salary and allowances, ₹40 lakh from perquisites and ₹71 lakh from retiral benefits.
In the light of the Covid-19 outbreak in India, which has exacted a huge toll on the societal, economical and industrial health of the nation, Mukesh Ambani has voluntarily decided to forego his salary, according to RIL’s annual report. The board also has taken note of his decision.
“And now, he is forgoing his salary until the company and all its businesses are fully back to their earnings potential,” it added.
This is the 12th straight year of salary cap for Ambani, who is the 8th richest man in the world (according to Hurun Report).
On a similar note, other executive directors of the company have also expressed their decision to draw remuneration of up to 50 per cent of their entitlement, it added.
During the period, RIL directors Nikhil R Meswani and Hetal R Meswani drew a salary of ₹24 crore each, while that of PMS Prasad stood at ₹11.15 crore and Pawan Kumar Kapil at ₹4.04 crore.
In its energy business, RIL is working to complete the contours of a strategic partnership with Saudi Aramco, Ambani said in the report.
“The partnership gives our refineries access to a wide portfolio of value-accretive crude grades and enhanced feedstock security for a higher oil-to-chemicals conversion. In the fuel retail business, RIL and BP formed a new joint venture to grow the retail service station network and aviation fuels business across India,” he added.
RIL’s consumer businesses also continued to set up new “milestones” every year. Reliance Retail and Reliance Jio Infocomm collectively have grown by 49.3 per cent of the consolidated EBITDA on a year-on-year basis.
“We delivered a robust performance in our oil-to-chemicals (O2C) business despite the weak global economic environment and volatility in energy markets. Our consolidated EBITDA crossed the ₹1,00,000-crore mark, a first by an Indian company,” he added.
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