Cairn India has proposed a near 40% pay hike for its interim chief executive P. Elango, a move that is being seen as mining billionaire Anil Agarwal's increasing faith in him, PTI reported. Cairn's new promoter, Agarwal-controlled Vedanta Resources, had named Elango as the firm's interim CEO after the exit of high profile Rahul Dhir in August last year.
At that time it was announced that Elango, who until then was Cairn's director for strategy and business services, was an interim arrangement and search for Dhir's successor was underway. Elango, who will turn 52 in July, has successful steered the firm against all odds and doomsday predictions, is now being rewarded with a handsome hike in salary and allowances.
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