NEW DELHI: Billionaire Mukesh Ambani’s three children -- Isha Ambani, Akash Ambani and Anant Ambani -- will not receive any salary as directors of Reliance Industries (RIL). They will be paid a fee for attending board and committee meetings, as per a resolution submitted by the company seeking shareholder nod for their appointment on its board as non-executive directors.
Mukesh Ambani, India’s richest billionaire, has been drawing nil salary since FY21 and will continue to do the same for the next five years. “They shall be paid remuneration by way of fee for attending meetings of the Board or Committees thereof or for any other meetings as may be decided by the Board, reimbursement of expenses for participating in the Board and other meetings and profit-related commission within the limits stipulated under Section 197 of the Act,” the resolution filing noted. Currently, the three young Ambanis hold 0.12% equity shares (each) in RIL. Apart from the above, Mukesh Ambani, Nita Ambani, Isha Ambani, Akash Ambani and Anant Ambani, together, through entities controlled by them, hold 41.46% equity shares of the company.
The appointment of three Ambanis comes as the company (in terms of m-cap) announced a succession plan wherein Akash will head telecom, Isha will head retail, and Anant will head new energy. Mukesh Ambani didn’t divulge the succession plan for the oil-to-chemicals or O2C business division.