News: Kumar Mangalam Birla’s salary reduces to 3.30 lacs


Kumar Mangalam Birla’s salary reduces to 3.30 lacs

The chairman and non-executive director of Idea Cellular had taken home 13.15 crores INR last year
Kumar Mangalam Birla’s salary reduces to 3.30 lacs

Owing to the disruption that has been caused by Jio’s entry in the Telecom sector, Idea Cellular reported a loss of 831.10 crore in the FY 2016-17. Last year, it had registered a profit of 2616.66 crores INR. The decline in revenue was marginal at 1.5%.  As a result of which the chairman, Kumar Mangalam Birla took just 3.30 lacs as the end of FY 2016, stated in the company's annual report.

Mukesh Ambani led Reliance Jio’s free and highly subsidized offering are giving other Telecom countries like Idea, Vodafone, and Airtel, a run for their money.

“In spite of the hyper-competitive scenario and availability of large-scale free services from a new entrant, the mobile industry had witnessed unprecedented disruption in the second half of the financial year,” the company said in a notice to BSE.

And because of burgeoning competitiveness within the industry, there have been ongoing talks between Vodafone and Idea Cellular, and have announced a merger.

This was also the first time when the company did not pay any commission to the Chairman or the non-executive directors for the year, since the company’s IPO in 2007.

Managing Director Himanshu Kapania took home 9.34 crores, and CFO Akshay Moondra took 2.33 crores. For other employees, the salary hike was 8%. 

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Topics: C-Suite, Compensation & Benefits, Leadership

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