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110 new millionaire CEOs in India
By agencies
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Monday, 21 August 2006, 19:30 IST
MUMBAI: With the economy of India booming at a GDP of 8.1 percent, Indian corporate managers are reaping the best fruits of the loom. A listing of the corporate managers showed 266 names, drawing an annual compensation package of $ 215,165, in 2005-06.
The conclusion - India Inc was responsible for producing 110 new millionaire CEOs last year, itself. Expectations are that more managers will be added to the list, as information on 111 managers who had received an annual compensation of over $215,165 in 2004-05 is pending.
In the previous year 2003-04, the millionaire CEO list featured 267 professionals. If one assumes that there was no drop in their annual compensation, at least 377 professionals earned over $215,165.
The study of the 266 millionaire CEOs revealed, the compensation package of 46 managers had more than doubled. A hike in the remuneration of about 50 100 percent can be noted for another 64 managers. 108 promoter managers received $75 million and the remaining 158 professional managers received $98 million in 2005-06.
Mukesh Ambani, chairman and managing director of Reliance Industries, topped the list while
Hero Honda Chairman Brijmohan Lall Munjal and its Managing Director Pawan Munjal came second and third. .
Looking the hefty pay packages offered to the corporate managers, promoter managers and professional managers, the road for companies in India sure looks like scaling new heights!