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Mukesh Ambani, Asia's Richest Man, Did Not Take Any Salary in FY21 Amid COVID

Mukesh Ambani, Reliance Industries Chairman

Mukesh Ambani, Reliance Industries Chairman

Mukesh Ambani took a salary of Rs 15 crore from the Reliance Industries in the previous fiscal. He has been taking home the same remuneration since 2008-09.

Mukesh Ambani, the richest man in Asia, did not draw any salary from the Reliance Industries for the year 2020-21. The remuneration of  Reliance Chairman for the financial year 2020-21 was nil, showed the annual report. Ambani decided to forego his salary in the light of deadly coronavirus outbreak in India, the company had said in June last year.

Reliance managing director took a salary of Rs 15 crore from his company in the previous fiscal. He has been taking home the same remuneration since 2008-09.

Among the managing directors and whole-time directors, Nikhil R Meswani and Hital R Meswani had received Rs 24 crore in the previous fiscal. Both of them got commissions worth Rs 17.28 crore each.

Executive Directors P M S Prasad and Pawan Kuman Kapil also witnessed a hike in their salaries in 2020-21 as they had received performance-linked incentives for two years. Prasad took home Rs 11.99 crore in the previous fiscal, up from Rs 11.5 crore in 2019-20. Kapil’s remuneration increased to Rs 4.24 croe in FY21 from Rs 4.04 crore in FY20. Apart from Ambani, the Reliance Industries board has Meswani brothers, Prasad and Kapil as whole-time directors.

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Nita Ambani, a non-executive director on the company’s board, earned Rs 8 lakh sitting fee and another Rs 1.65 crore commission for the year.

Besides Nita Ambani, other non-executive directors include Yogendra P Trivedi, Dipak C Jain, Raghunath A Mashelkar, Adil Zainulbhai, Raminder Singh Gujral, Shumeet Banerji, Arundhati Bhattacharya and K V Chowdary. All independent directors got a Rs 1.65 crore commission for the year besides a sitting fee of up to Rs 36 lakh.

“Despite unprecedented challenges, we continued to execute on our growth plans across businesses," said Mukesh Ambani. “In a volatile environment, Reliance generated an EBITDA of Rs 97,580 crore (US$13.3 billion), which is 4.6% lower than last year. Diversified earnings stream and resilient consumer businesses helped the company navigate through the unprecedented pandemic headwinds. Reliance recorded a consolidated net profit of Rs 53,739 crore (US$7.4 billion) during the year, registering a growth of 34.8% y-o-y," he further added.

“Our consumer businesses retained their leadership positions and recorded robust growth on all operating and financial parameters during the year in spite of challenging hurdles. They now constitute nearly 50% of consolidated segment EBITDA compared to 36% in FY 2019-20," he said.

During the year, Jio Platforms and Reliance Retail raised Rs 1,52,056 crore and Rs 47,265 crore respectively from strategic and financial investors, including Facebook and Google. The refining-to-retail group completed India’s largest ever Rights Issue of Rs 53,124 crore (oversubscribed by 1.59 times). During the year, RIL made pre-payment of US$7.8 billion of long-term foreign currency debt, with requisite approvals from the RBI. This was the highest ever pre-payment of debt undertaken by any corporate borrower in India, the report showed.

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first published:June 03, 2021, 18:11 IST