India’s second-richest individual, Gautam Adani, received a total remuneration of Rs 9.26 crore in the fiscal year ending March 31, 2024.
This amount is notably lower compared to most of his industry peers and even some of his key executives.
Adani, 61, received his salary from only two of the 10 companies in his extensive ports-to-energy conglomerate, as per the annual reports of the group’s listed entities.
Breakdown of Remuneration
For the fiscal year 2023-24, Adani’s remuneration from Adani Enterprises Ltd (AEL), the group’s flagship firm, comprised a Rs 2.19 crore salary along with Rs 27 lakh in perquisites, allowances, and other benefits. This totals Rs 2.46 crore, marking a 3% increase from the previous year, according to AEL’s annual report for 2023-24. Additionally, he drew Rs 6.8 crore from Adani Ports and SEZ Ltd (APSEZ).
Comparative Analysis
Adani’s salary is lower than the heads of most major family-owned conglomerates in India. For instance, Mukesh Ambani, India’s richest individual, has forgone his entire salary since the outbreak of Covid-19, having previously capped his remuneration at Rs 15 crore. In contrast, other prominent business leaders such as telecom magnate Sunil Bharti Mittal earned Rs 16.7 crore in 2022-23, Rajiv Bajaj Rs 53.7 crore, Pawan Munjal Rs 80 crore, L&T Chairman S N Subrahmanyan, and Infosys CEO Salil S Parekh also drew higher salaries.
Adani vs. Ambani: Wealth Rankings
Gautam Adani, with a net worth of USD 106 billion according to the Bloomberg Billionaire Index, has been competing with Mukesh Ambani for the title of Asia’s richest person. Adani briefly became the richest Asian in 2022 but lost this position following a critical report by US short-seller Hindenburg Research, which significantly reduced his group’s market value. He regained the top spot twice this year but subsequently ceded it to Ambani. As of now, Ambani is ranked 12th globally with a net worth of USD 111 billion, while Adani is 14th.
Remuneration of Adani Family Members
According to the annual report, Gautam Adani’s younger brother Rajesh Adani earned Rs 8.37 crore, which included a Rs 4.71 crore commission from AEL. His nephew, Pranav Adani, drew Rs 6.46 crore, including a Rs 4.5 crore commission. Gautam Adani did not receive any commission from AEL but earned Rs 5 crore from APSEZ. His remuneration from APSEZ included a Rs 1.8 crore salary and a Rs 5 crore commission payable in the 2024-25 fiscal year.
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