Reliance Industries, which is India’s biggest conglomerate, is seeing some new changes. Valued at around USD 200 billion (INR 166,45,30 crore), Mukesh Ambani recently announced that his kids will be joining the company as board directors. And as the business tycoon prepares to hand over the reins to them eventually, incredible developments have taken place. Interestingly, Isha Ambani, Anant Ambani and Akash Ambani will not be getting any salaries at Reliance while representing the company as board directors.
In a postal ballot sent out to the company’s shareholders, Mukesh Ambani and his team have notified them that his kids — Isha Ambani, Anant Ambani and Akash Ambani will only receive a certain amount of fee for attending the board and committee meetings. The decision has been taken in order to get a nod from the shareholders for the business tycoons‘ childrens’ appointment as board of directors of the company.
Here’s everything we know about the salaries of Mukesh Ambani’s children
Ambani’s eldest son, Akash Ambani, was appointed as the chairman of Reliance’s telecoms unit in June 2022. He joined this branch in 2014. Isha Ambani looks after the company’s retail, e-commerce and luxury businesses. As for the youngest kid of Mukesh Ambani, Anant Ambani has been a director on the board of Jio Platforms since March 2020.
Terms of appointment for Mukesh Ambani’s children
Isha Ambani, Anant Ambani and Akash Ambani will not receive salaries just like their mother, Nita Ambani, who was appointed to the board in 2014. Their terms of appointment are similar to that of Nita’s, which means that they will also not receive any other kinds of remuneration or benefits including stock options, bonuses, or commissions.
According to Reliance’s latest annual report, the founder and chairperson of Reliance Foundation earned a sitting fee of USD 7,210 (INR 6 lakh) and a commission of USD 240,355 (INR 2 crore) in the 2022-23 fiscal year. However, as a part of the succession plan, Nita Ambani resigned as a director of Reliance. She is now a permanent invitee to all board meetings.
How many shares do the Ambani’s children hold in Reliance?
Only Isha directly owns 0.12 per cent equity shares of the company. Mukesh Ambani holds 41.46 per cent of the shares.
How much did Mukesh Ambani earn every year?
Since the fiscal year 2020-21, the chairman and managing director of RIL has received nil salary from the company. However, other executive directors including his cousins Nikhil and Hital are paid a salary, gratuities, special subsidies and commission. Ambani also got a nod from the shareholders for another five-year term till 2029 as the head of Reliance.
Frequently Asked Questions (FAQs)
-What is Mukesh Ambani’s salary per day?
The business tycoon earns approximately USD 36 million (INR 300 crore) every day
-Why is Ambani so rich?
Ambani is rich because of the success of Reliance in India. He is conceivably the biggest wealth creator in India.
-Which Ambani is richest?
Mukesh Ambani is the richest person in the family.
-What is the total wealth of the Ambani family?
The Ambani family has an estimated total wealth of USD 84.6 billion (INR 70,41,77 crore approximately).
Hero & Feature Image: Courtesy Milind Shelte/The India Today Group via Getty Images
Cinema has always fascinated Ananya, so much that she got a degree in media to know more about it. She has worked for magazines like Man's World India and CineBlitz as an entertainment writer. When not writing about films and celebrities, she likes to travel to new places or try new cuisines. Travel and Food are her latest interests and she is looking forward to explore these further.
