Anant Ambani has been appointed Executive Director at Reliance Industries with an annual salary of Rs 10-20 crore plus perks and profit commission. This move is part of Reliance's succession planning, with Anant overseeing key projects in the energy sector and serving on the boards of Jio Platforms and Reliance Retail.
Anant Ambani is the youngest son of billionaire Mukesh Ambani and the first among three siblings to be appointed Executive Director on flagship Reliance Industries, will be paid Rs 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 Rs 4 lakh in 2023-24 fiscal year and a commission on profit of Rs 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 Rs 10 crore to Rs 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.
Follow us
