Business

Mukesh Ambani To Serve Another 5-Year Term As CMD At Reliance Industries

JAVED SAIFI | 0
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| July 8 , 2018 , 12:58 IST

Business magnate Mukesh Ambani will serve another five-year term as the Chairman and Managing Director at Reliance Industries with effect from April 19, 2019. Majority of the shareholders of Reliance Industries approved the resolution on July 5 at the annual general meeting in Mumbai, media reported on Saturday.

As per media reports, 50,818 crore shares out of a total share base of 616.45 crores voted, out of which 98.5 percent were in favour of Mukesh Ambani as CMD while 1.48 percent have voted against him.

Also Read: RIL To Create Hybrid Online-To-Offline Retail Platform: Mukesh Ambani

Mukesh Ambani will be paid of Rs 4.17 crore annually along with Rs 59 lakh of perquisites and allowances to serve RIL as CMD. Retirement benefits are not included but will also receive the bonus based on the net profits of the organisation, expenses allowances for travelling, boarding and lodging for spouse and other attendants on business trips and provision of the car to use for business meetings and communication will be provided.

Reliance Industries was founded by late Dhirubhai Ambani in 1966. After his death in July 2002, Mukesh Ambani was elected as the Chairman and Managing Director whereas, his younger brother Anil Ambani was elected Vice-chairman and Managing Director. Both the brothers divided the business in 2005.

Mukesh Ambani has been on the board of Reliance Industries since 1997. Mukesh Ambani is the richest person in India with a net worth of $40.5 billion and the 19th richest person on the planet.