Anant Ambani to get Rs 10–20 crore annual salary, extra perks as executive director of Reliance; Now what next?

The youngest son of billionaire Mukesh Ambani and the first among three siblings, Anant Ambani, will be appointed to Executive Director on flagship Reliance Industries, with Rs 10-20 crore salary annually plus a host of perks including a commission on company profits, as per shareholder notice. While the richest man of Asia brought all three of his children, twins Akash and Isha, and the youngest, Anant, onto the board of his oil-to-telecom and retail empire in 2023 as non-executive directors, it was Anant who was appointed as an Executive Director at Reliance Industries Ltd in April this year, according to a report by news agency PTI.

The siblings did not draw a salary but each received a sitting fee of Rs 4 lakh during the 2023–24 fiscal year as non-executive directors, along with a Rs 97 lakh commission on company profits. However, in his new role as Executive Director, the 30-year-old Anant will now receive a salary and other benefits. Reliance announced in a stock exchange filing on Sunday that shareholder approval for his appointment is being sought via postal ballot.

The 2023 board appointments were widely seen as part of a larger succession plan at the most valuable company of India, a move by Mukesh Ambani aimed at avoiding the kind of family feud that followed the death of his father in 2002. Anant is involved in the materials and renewable energy ventures, whereas, Isha is part the board of Reliance Retail and joined that of the newly spun-off Jio Financial Services, and Akash chairs telecoms.

Reliance said in the postal ballot that 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 added.

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.

During the business trips, Anant will received the reimbursement of expenses for travelling, boarding and lodging including for his spouse and attendant(s) and also be entitled for car(s) at residence for company's business and communication purposes.

"In addition to the salary, perquisites and allowances, Anant M. Ambani shall be entitled to receive remuneration based on net profits," the notice said.

Which are the sectors in which Mukesh Ambani siblings part of?

In response to prepare an eventual succession plan, Mukesh Ambani had announced the induction of his three children on the board of oil-to-telecom conglomerate as non-executive directors in August 2023.

Prior to this, Ambani's eldest son Akash joined the leadership team at the group's telecom unit Jio in 2014 following his college. Later, in 2022, he was made the chairman of the telecom arm, Jio Infocomm. And, also manages IPL team, the Mumbai Indians.

Isha leads the company’s ventures in retail, e-commerce, and luxury segments. She is credited with driving its fashion expansion through the e-commerce platform and forging alliances with leading global luxury labels.

And, Anant plays a significant role in the energy division of Reliance, overseeing projects from traditional fuels to the development of solar panel production. A Brown University alumnus, he also sits on the board of Reliance Foundation, the group’s charitable wing, alongside his mother. All three siblings are also part of the boards of Jio Platforms, which houses Reliance’s telecom and digital assets, as well as Reliance Retail.