Anant M. Ambani, youngest son of RIL Chairman Mukesh Ambani who was elevated as Executive Director of Reliance Industries Ltd in May this year, will get an annual remuneration of Rs 10-20 crore from RIL, according to a stock exchange filing.
“Salary, perquisites and allowances shall be in the range of Rs 10 crore to Rs 20 crore per annum. Annual increments shall be as determined by the HRNR (HR, nomination and remuneration) Committee,” the filing for postal ballot said. Isha Ambani and Akash Ambani, siblings of Anant Ambani, are non-executive directors on the RIL board. Isha Ambani looks after the retail business and Akash is the Chairman of Jio Platforms, the digital arm of RIL.
“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,” the notice said.
“In addition to the salary, perquisites and allowances, Anant Ambani shall be entitled to receive remuneration based on net profits. Such remuneration based on net profits will be determined by the HRNR Committee,” it said.
“Expenses incurred for travelling, boarding and lodging including for Anant Ambani’s spouse and attendant(s) during business trips and provision of car(s) for use on company’s business and communication expenses at residence shall be reimbursed at actuals and not considered as perquisites,” the filing said.
“The company shall arrange to provide security to Anant Ambani and his family members and the expenses borne by the company for the same shall not be considered as perquisites,” the notice said.
The overall remuneration payable every year to the executive directors of the company by way of salary, perquisites and allowances, incentive/ bonus/ performance linked incentive, remuneration based on net profits, shall not exceed in the aggregate one percent of the net profits of the company, it said.
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According to the filing, Anant Ambani 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. “Ambani is instrumental in liaising between multiple global technology partners, project teams and local administration to ensure efficient delivery of projects,” it said.
“Under his leadership, the company has commissioned its first GW+ solar module line with BIS certification. The company has also commissioned its first commercial scale CBG plant in a record-breaking timespan of just 10 months,” it said.
“The scalable modular design of CBG plants has enabled rapid commissioning of multiple CBG plants across India over the last year. Anant Ambani is also involved in corporate functions of the company, including talent management. Apart from the energy business, he is also entrusted with managing the real estate portfolio of the company and its subsidiaries,” the notice said.
