Reliance Industries Chairman Mukesh Ambani has forgone his salary for the fifth consecutive year. He continues to uphold this decision, which was initially made during the pandemic. Meanwhile, other senior company executives receive high performance-based salaries. Leadership responsibilities are now gradually being handed over to the next generation.
New Delhi: According to Reliance Industries' latest annual report, Chairman Mukesh Ambani has completely relinquished his salary for the fiscal year 2024-25 as well. This marks the fifth consecutive year that he has not taken any salary, allowances, or bonuses. Ambani first made this decision in 2020 during the COVID-19 pandemic when the country's economy was facing a challenging period. He has adhered to this decision ever since. While other top executives of the company receive salaries worth crores of rupees, Ambani has set an example for himself.
Salary Completely Forgone After Pandemic
From fiscal year 2020-21 onwards, Mukesh Ambani has not taken any salary, allowances, bonus, or retirement benefits from Reliance. Prior to this, he had been taking a stable package of ₹15 crore per year from 2008-09 to 2019-20. Even then, by limiting his salary, he conveyed a message of salary discipline and equality within the company.
67-year-old Mukesh Ambani has not issued any official statement behind this decision, but the report states that he took this step in the broader interest of the company and the country.
Salaries of Other Top Company Executives
The Reliance Industries annual report indicates that, in contrast to Ambani, the company's other top executives are still receiving high-level salary packages.
- Executive Director Nikhil Meswani receives an annual package of ₹25 crore, including salary, allowances, and bonuses.
- His brother Hital Meswani also receives exactly the same amount, i.e., ₹25 crore annually.
- Meanwhile, P. M. S. Prasad, who is considered one of the company's oldest and most trusted officers, receives an annual salary of approximately ₹20 crore.
The salaries of these senior executives make it clear that the company has continued its performance-based reward system, but Ambani, as Chairman, has chosen a different path for himself.
High Ranking in Global Rankings
Even though Mukesh Ambani's salary is not coming from the company, the expansion of his total wealth continues.
According to Forbes' latest list of billionaires, Ambani is the 18th richest person in the world. His net worth is estimated at US$103.3 billion.
This wealth primarily comprises holdings in Reliance Industries, Reliance Jio, Reliance Retail, and several petrochemical business sectors. Furthermore, foreign investments, real estate, and investments in startups have also strengthened his portfolio.
Responsibility Being Handed Over to the Next Generation
Reliance indicated in 2023 that the company is moving towards a leadership transition. In October 2023, all three children of the Ambani family were inducted into the company's board as non-executive directors.
- Isha Ambani is leading Reliance Retail.
- Akash Ambani is the Chairman of Jio Infocomm.
- Anant Ambani's role is growing in Reliance's New Energy Business.
The appointment of these three makes it clear that Ambani is now planning to gradually hand over leadership to the new generation.
