HOME > BUSINESS > Sunil Mittal to get 9% hike in salary to Rs 30 crore per year at Bharti Airtel

Sunil Mittal to get 9% hike in salary to Rs 30 crore per year at Bharti Airtel

sunil-mittalThe directors of Bharti Airtel, India’s largest telecom company, has suggested a salary of Rs 30 cr per year for Sunil Bharti Mittal, the founder and chairman of the company, for the current financial year.

Out of the Rs 30 cr, Rs 21 cr will be paid as a fixed salary and Rs 9 cr as variable pay.

The figure represents an increase of 9% over his salary for the last financial year.

For the year that ended in March, Mittal had a salary package of Rs 27.5 cr, including Rs 20 cr of fixed pay.sunil-mittal-salary

In the last two years for which the company has determined variable pay, Sunil Mittal has been able to achieve more than his target, thus scoring more than 100% in variable pay calculation.

For example, in the year 2014-15 — the last one for which Mittal’s variable pay was calculated — he was paid Rs 9.9 cr even though his target variable pay was Rs 8.25 cr.

Similarly, Mittal was given a variable pay of Rs 20 cr in the previous year, though the target variable pay was Rs 17.5 cr.

For the year ended March, Mittal has a target variable pay of Rs 7.5 cr, and a fixed pay of Rs 20 cr. However, the actual outgo has not been decided yet.

“The Board is yet to decide final variable pay of Sunil Bharti Mittal for 2015-16,” Airtel said.

In addition to the above payments, Mittal is also reimbursed for any expenses — such as air tickets — incurred by him in performance of his duties as the Chairman.

Mittal’s reappointment for another five years and the payment terms must be approved by the shareholders at the company’s annual general meeting on Aug 19. The company management recommended that shareholders should do so.

Mittal, “has been involved in the strategic matters since inception. The Board of Directors is of opinion that it will be in the best interest of the Company that Mr. Sunil Bharti Mittal continue as Chairman of the Company,” it said.

Mittal is by far the highest paid official in the company. He is followed by Gopal Vittal, who was appointed as the managing director three years ago and as CEO for India and South Asia in 2014.

The Board of Directors have proposed a salary of Rs 10 cr per year to Vittal, including a fixed pay of Rs 7 cr and variable pay of Rs 3 cr.

Follow ULTRA.news
Reliance Jio tops in user satisfaction, but call drop concerns remain Percentage of customers giving 4 or 5 starsReliance Jio users are a happier lot than customers of other services, but call drops and network availability remain key concerns, according to a survey conducted by a market research firm Velocity MR.The firm conducted a study...
RIL stock up as Reliance Jio proves doubters wrong, avoids an April dip in subscribers Shares of Reliance Industries rose 3.5% today -- an extraordinary move for such a large company -- after it emerged that not only did the company not lose subscribers when it made the transition from free to paid services in April, it actually added a few million.The result ...
Bharti Airtel gets SEBI and stock exchange nod for Telenor acquisition Bharti Airtel said it received the approval of the Securities and Exchange Board of India, BSE and National Stock Exchange of India for its proposed merger with Telenor India. Bharti Airtel further stated that Telenor India and Airtel have today filed the joint company appli...
New technology makes telecom cheaper, but hurts tower companies A technology that has been around for almost a decade is now getting deployed on a large scale by Indian telecom operators to deploy 2G, 3G and 4G networks using the same base station.A Nokia illustration on old vs new situationThis could hit the revenue and growth prosp...
Bharti Airtel to offer cheap 4G plans for all dongle users – report With new operator Reliance Jio snapping at its heels, incumbent Bharti Airtel has decided to slash its data prices for everyone with the introduction of new 4G dongle plans, Telecom Talk blog reported quoting unnamed sources.At present, Bharti Airtel does not offer any plan t...
Bharti Airtel slashes home broadband tariff ahead of Jio Fiber launch Ahead of the launch of Jio Fiber by Reliance, Bharti Airtel slashed its home broadband prices with a new set of cheaper plans.The new plans now offer up to 100% more high speed data benefits within the same monthly rentals, the company said. Existing customers will b...
Bharti Airtel could help Reliance Jio win Rs 2,000 cr from DoT Bharti Airtel's attempts to avoid paying "voice conversion charge" on the spectrum that it is purchasing from internet service provider Tikona Digital could end up unintentionally benefiting arch rival Reliance Jio.Reliance Jio was forced to pay around Rs 1,650 cr four ye...
Airtel, Idea and Vodafone close to network sharing deal Fierce competition from new entrant Reliance Jio is pushing the incumbent telecom operators Bharti Airtel, Reliance Jio and Vodafone India to accelerate negotiations to allow them to use each other's full networks.As of now, these operators only share 'passive' or 'dead' in...
Reliance Jio puts more 4G spectrum to use to increase speeds Reliance Jio, the 4G operator that has taken the market by storm, has deployed the extra spectrum that it bought last year, increasing the total spectrum in use in most markets by 20-25%.In most circles, Jio is operating with about 40-50 MHz of spectrum, and with the new sp...
Bharti Airtel to start refarming 2G spectrum for 4G this year India's largest telecom services company by revenue and spectrum holding, Bharti Airtel, will start diverting its 2G spectrum to add to its 4G network in the second half of the ongoing financial year, the company's CEO said.The move will help increase 4G capacity of the o...
Idea Cellular to spend Rs 6,000 cr on VoLTE, expansion of 4G & 3G this year Idea Cellular, the telecom company controlled by the Aditya Birla group, said it will spend Rs 6,000 cr to expand its 3G and 4G services in the current financial year.Idea tower additions per yearThe planned investment of Rs 6,000 cr has been "earmarked for expanding bro...
Airtel Broadband to upgrade users to 40 Mbps V Fiber plans to beat Reliance Jio Locations of Airtel V Fiber servicesAirtel Broadband, India's second largest wired broadband service, will upgrade nearly all its DSL customers to its new 'V Fiber' vectorization technology that offers speeds of 40 Mbps, compared to 4-8 Mbps under the traditional ADSL 2 tech...
Bharti Airtel is successfully adopting the Reliance Jio model It is not every day that a new entrant forces the established players in the market to overhaul their business models. But Reliance Jio seems to be doing just that, and rivals like Bharti Airtel are proving to be quick, if slightly unwilling, learners.In the three months from...
Why Reliance Jio will keep data prices low for 2 years: Credit Suisse explains Wireless data prices in India, which crashed from Rs 250 per GB to about Rs 10 per GB after the entry of Reliance Jio, will continue to remain under pressure for at least two more years, said analyst firm Credit Suisse.That is the minimum amount of time that the new entrant w...
Telcos Change Tack as Net Neutrality Fight Enters Final Round in India A campaign by Internet Freedom FoundationIf you thought the fight over net neutrality was over with the sending of 1 mln emails to the TRAI two years ago, think again.The telecom service providers, who lost out that in the first round, are back. This time, however, their...
Amazon Fire TV Stick Launch: Airtel offers 100 GB data free Bharti Airtel said it would provide 100 GB of free high-speed data to anyone who purchases Amazon’s Fire TV Stick in India.The offer is available to Airtel customers on broadband as well as '4G Home Wifi', but not to normal, handset-based 4G users.The data quota can b...
Complaints against telcos drop sharply as 4G takes off No of complaints against telcos in last three years. 2017 nos are annualizedComplaints against all telecom providers except Bharti Airtel dropped in 2016, possibly in reaction to the emergence of new operator Reliance Jio and the explosion of 4G data capacity.The total n...
Airtel to offer 2 GB/day for ₹349, 3.5GB for 999 to take on Reliance Jio Airtel will unveil cheaper data tariffs soonIndia's largest telecom services company by revenue -- Bharti Airtel -- is in the process of rolling out new plans including one that offers 2 GB of data per day at just Rs 349 in addition to unlimited calling for 28 days, according ...
Working Reliance Jio ‘DTH’ video uploaded by Gujarat-based test user the video of the so-called Jio DTHA video of a working Reliance Jio 'DTH' TV has been leaked by a Gujarat-based Youtube user, even as Airtel unveiled its own 'Internet TV' today.The Youtube user demonstrates a working set-top-box, complete with HD channels and various ot...
Airtel Digital launches first-of-its-kind Android set-top-box with advanced features Airtel Digital TV launched what it called India’s first hybrid set-top-box with built-in Android and a host of advanced gaming and Internet functions at a price of Rs 4999.Customers can also get one year of free subscription by paying Rs 3,000 extra.It will be availab...
TRAI’s MySpeed app pulled from Google Play Store The TRAI MySpeed AppThe Telecom Regulatory Authority of India's network benchmarking app MySpeed is no longer listed on the Android Play Store.The link for the app throws an error saying 'the requested URL was not found on this server'.It is not clear whether TRAI pu...
Ortel Communications slashes broadband tariff as Reliance Jio threat looms With the prospect of the entry of Reliance Jio into the cable and broadband market, Ortel Communications -- the largest cable network in Orissa and an emerging player in neighboring states, has slashed its broadband rates.The company has removed all its sub-1 Mbps plans and r...
Reliance Jio promises new plans in place of Summer Surprise The new banner on RJio websiteReliance Jio has officially withdrawn its Summer Surprise offer on its website and put up a new banner saying that it will be introducing new plans soon."We are updating our tariff packs and will be soon introducing more exciting offers," th...
Reliance Jio helped India save Rs 18,000 cr, but rivals took the hit Free services from Reliance Jio, the telecom services arm of Reliance Industries, brought down the amount of money paid by telecom subscribers in India by about Rs 4,400 cr in just the last three months of 2016, an analysis of the sector data revealed.The numbers indicate tha...
Reliance Jio could replace Summer Surprise with new offer after TRAI order Reliance Jio's withdrawal of its Summer Surprise Offer is unlikely to make any difference to most of its customers, and the company may even come up with a new version of the plan to comply with the ban."The Telecom Regulatory Authority of India (TRAI) has advised Jio to with...