Anant Ambani to get ₹10-20 crore salary, profit commission as Executive Director of Reliance
Reliance Industries
, will be paid ₹10-20 crore salary annually plus a host of perks including a commission on company profits, according to a shareholder notice.
While the richest Asian's all three children - twins Akash and Isha, and Anant - were inducted on board of the oil-to-telecom-and-retail conglomerate in 2023 as non-executive directors, the youngest of the three was in April this year appointed Executive Director of Reliance Industries Ltd.
As non-executive directors, the three were entitled to no salary and were each paid a sitting fee of ₹4 lakh in 2023-24 fiscal year and a commission on profit of ₹97 lakh each.
But as an Executive Director, Anant, 30, will be entitled to salary and other perquisites.
Reliance in a stock exchange notice on Sunday said shareholder approval for the appointment has been sought through a postal ballot.
The appointments in 2023 were part of a succession planning at India's most valuable company, which many saw as Ambani's attempt to avoid the sibling fued that followed his father's death in 2002.
Isha is on the board of Reliance Retail and joined that of the newly spun-off Jio Financial Services, Akash chairs telecoms. Anant is part of the materials and renewable energy ventures. They operate alongside professional managers.
In the postal ballot, Reliance said Anant's "salary, perquisites and allowances shall be in the range of ₹10 crore to ₹20 crore per annum."
"The perquisites and allowances shall include accommodation (furnished or otherwise) or house rent allowance in lieu thereof; house maintenance allowance together with reimbursement of expenses and/or allowances for utilisation of gas, electricity, water, furnishing and repairs and leave travel concession for self and family including dependents," it said.
He shall also be entitled to reimbursement of expenses incurred for travelling, boarding and lodging including for his spouse and attendant(s) during business trips and provision of car(s) for use on company's business and communication expenses at residence.
He shall also be entitled to medical reimbursement as well as company-arranged security for him and his family members.
"In addition to the salary, perquisites and allowances, Anant M. Ambani shall be entitled to receive remuneration based on net profits," the notice said.
Mukesh Ambani had in August 2023 announced the induction of his three children on the board of oil-to-telecom conglomerate as non-executive directors, in preparation of an eventual succession plan.
This followed his statements that the children would have significant roles at Reliance, India's most valuable and profitable company.
Unlike Mukesh Ambani, who had to drop out of Stanford to look after his father's business, twins Isha and Akash graduated from Yale and Brown, respectively.
Eldest son Akash joined the leadership team at the group's telecom unit Jio in 2014 after completing college. He was made the chairman of the telecom arm, Jio Infocomm, in June 2022. He also manages the Mumbai Indians cricket team in the cash-rich Indian Premier League.
Isha drives the company's retail, e-commerce and luxury businesses. She is said to be behind the firm's expanding presence in fashion through the company's e-commerce app as well as its growing partnerships with top international luxury brands.
Anant is involved in Reliance's energy businesses, which range from fossil fuels to developing solar panel manufacturing. A graduate of Brown University, he also serves on the board of Reliance Foundation - the group's philanthropic arm - alongside his mother.
All three children are on board of
Jio Platforms
, the unit that holds telecom and digital properties of Reliance, and Reliance Retail.
"Anant M. Ambani serves as a director on the Board of the company and its key subsidiaries Jio Platforms Limited,
Reliance Retail Ventures
Limited," the Reliance notice said.
"He has been a part of the Reliance Group since 2015 and over the last decade he has had exposure to key facets of the oil-to-chemical (O2C) business, including crude sourcing, refinery and downstream unit operations and supply and trading of products."
He is responsible for capital projects execution of the company and is closely involved in the planning, execution, and monitoring of ongoing O2C projects in the vinyl chain and speciality polyesters as well as the New Energy Gigafactories.
He is also involved in the activities of Sir H.N. Reliance Foundation Hospital and Vantara - an initiative to rescue, protect, and conserve wildlife, the notice said. "The appointment of Shri Anant M. Ambani will be in the interest of the company".
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