Anant Ambani to receive ₹10-20cr pay as Reliance's Executive Director
What's the story
Anant Ambani, the youngest son of billionaire Mukesh Ambani, has been appointed as the Executive Director of Reliance Industries. His annual remuneration will be between ₹10 crore and ₹20 crore, along with various perks and a commission on company profits. The decision was announced in a shareholder notice by Reliance Industries Ltd., marking a major step in the company's succession planning strategy.
Job description
Anant will oversee energy sector projects
As Executive Director, Anant will be responsible for overseeing key projects in the energy sector. He will also serve on the boards of Jio Platforms and Reliance Retail. The notice stated that his salary, perquisites, and allowances would cover accommodation or house rent allowance, and a house maintenance allowance. It also included reimbursements for utilities, furnishing, repairs, and leave travel concession for himself and dependent family members.
Extra benefits
He will also be entitled to medical reimbursement
Along with his salary, Anant will also get reimbursement of expenses incurred for traveling, boarding, and lodging, including for his spouse and attendant(s) during business trips and provision of car(s) for use on the company's business communication expenses at residence. He will also be entitled to medical reimbursement as well as company-arranged security for him and his family members.
Profit commission
Overall compensation to depend on Reliance's financial performance
The notice further stated that "in addition to the salary, perquisites and allowances, Anant M. Ambani shall be entitled to receive remuneration based on net profits." This means his overall compensation will also depend on Reliance Industries' financial performance. The move comes as part of a larger succession plan at India's most valuable company, which many see as an attempt by Mukesh Ambani to prevent any potential sibling rivalry.
Career journey
Anant has been with Reliance Group since 2015
Anant has been with the Reliance Group since 2015 and has gained exposure to key facets of the oil-to-chemical business. This includes crude sourcing, refinery downstream unit operations, and supply trading products. He is responsible for capital projects execution and is closely involved in planning, monitoring ongoing O2C projects in vinyl chain specialty polyesters, as well as New Energy Gigafactories.