High CEO Tables (Spread).

qxd 12/18/2008 11:32 PM Page 2

INDIA’S
MOST
‘VALUE’ABLE
CEOS India’s Highest- Paid CEOs
RANK VALUE NAME COMPANY DESIGNATION COMPENSATION RANK VALUE NAME COMPANY DESIGNATION COMPENSATION
RANK (IN RS CRORE) RANK (IN RS CRORE)
1 76 Mukesh D. Ambani Reliance Industries CMD 44.02 51 - B.G. Bangur Shree Cement EC 5.22
2 - Kalanithi Maran Sun TV CMD 32.41 52 - Sudhir Mehta Torrent Power Chairman 5.19
3 78 P.R. Rajah Madras Cements CMD 32.40 53 49 Ajay Piramal Piramal Healthcare Chairman 5.09
4 25 Anil D. Ambani Reliance Communications Chairman 30.03 54 47 G.V. Prasad Dr Reddy’s Laboratories VC & CEO 4.95
5 77 Malvinder Singh Ranbaxy Laboratories CEO & MD 19.58 55 43 Douglas Baillie* Hindustan Unilever CEO &MD 4.91
6 64 Sunil Bharti Mittal Bharti Airtel CMD 19.55 56 48 Prakash Kulkarni Thermax MD 4.82
7 70 Naveen Jindal Jindal Steel & Power EVC & MD 16.93 57 41 Y.C. Deveshwar ITC Chairman 4.80
8 - V.K. Jain Gujarat Fluorochemicals MD 16.87 58 - Suresh Krishna Sundram Fasteners MD 4.79
9 75 Sajjan Jindal JSW Steel VC & MD 16.73 58 - S.C. Mehta Deepak Fertilisers VC & MD 4.79
10 73 Pawan Munjal Hero Honda MD & CEO 15.73 60 - Chirayu Amin Alembic MD 4.78
11 - Onkar S. Kanwar Apollo Tyres CMD 15.53 61 - E. Sunil Reddy IVR Prime MD 4.75
12 - Pankaj R. Patel Cadila Healthcare MD 14.43 62 - S.K. Bangur West Coast Paper Mills CMD 4.71
13 - Rohtas Goel Omaxe CMD 13.43 63 - Kamal Oswal Nahar Indus. Enterprises VC & MD 4.64
14 60 Murali K. Divi Divis Laboratories CMD 13.25 63 - Ashok Chaturvedi Uflex CMD 4.64
OF THE 100 15 - Ratan Jindal Jindal Stainless VC & MD 12.42 65 - Analjit Singh Max India Chairman 4.62 COMPENSATION
highest-paid CEOs 16 - N. Srinivasan India Cement VC & MD 12.13 66 57 A.A.V. Ranga Raju Nagarjuna Construction MD 4.56 figures have grown
— according to the 17 71 Kumar M. Birla Grasim Industries Chairman 11.25 66 53 Shyam S. Bhartia Jubilant Organosys CMD 4.56 at about 30-40 per
data disclosed in 18 66 Kamal K. Singh Rolta India CMD 10.92 68 - S. Gerlich Bayer Cropscience VC & MD 4.55 cent a year since
company reports — 19 - M.L. Bhartia India Glycos CMD 10.81 69 58 R.N. Bickson Indian Hotels MD 4.54 2005, when the
only 40 figure in 20 - A.K. Agarwal Vedanta Resources EC 10.60 70 - Bharat Hari Singhania JK Lakshmi Cement VC & MD 4.48 stockmarket boom
the BW Value 21 63 P.R.S. Oberoi EIH Chairman & CE 9.14 71 52 S. Misra Ultratech Cement MD 4.44 began. If the trend
rankings. In fact, 22 79 D. Jayavarthanavelu Lakshmi Machine Works CMD 8.91 72 - Abhey Oswal Oswal Chemicals & Fert. CMD 4.40 continues — though
the top paid 23 45 Rajesh S. Adani Adani Enterprise MD 8.68 73 - G. Bala Reddy ICSA CMD 4.39 that seems very
executives figure at 24 - Rajiv Singh DLF VC / MD 8.43 74 - Ashok Kumar Goel Essel Propack VC & MD 4.29 unlikely given the
the bottom of the 25 Vijay Kantilal Sheth Great Offshore MD 8.41 75 51 Sameer Gehlaut Indiabulls Financial Serv. Chairman 4.28 present state of
value table. Total 26 55 A.M. Naik Larsen & Toubro CMD 8.39 76 - Ekta Kapoor Balaji Telefilms Creative Director 4.22 the economy —
compensation 27 - D. Ashok Nava Bharat Ventures MD 8.38 77 - G.V. Krishna Reddy Taj GVK Hotels & Resorts EC 4.11 those high salaries
28 - Gautam S. Adani Mundra Port & SEZ Chairman 8.25 78 - S.P. Oswal Vardhaman Textiles CMD 4.10 could double again
numbers for Indian
29 61 D. Bhattacharya Hindalco Industries MD 8.23 79 - Subhrakant Panda Indian Metals & Ferro MD 4.06 in three or four
CEOs do not include
30 - H.F. Khorakiwala Wockhardt Chairman 8.08 79 - Sanjeev Aga Idea Cellular MD 4.06
corporate jets, club years. No surprise
31 - H.K. Mittal Mercator Lines EC 8.00 81 44 J. Schubert Siemens MD 4.00
memberships, then that most
32 - Jayadev Gala Amara Raja MD 7.91 82 - P.B. Patel Elcon CMD 3.87
family travel and professionals are
33 65 Y.K. Hamied Cipla CMD 7.88 83 - Shiv Jatiya Asian Hotels MD 3.85
gifts, but that does happy to stay and
34 72 Ajit Gulabchand Hindustan Construction CMD 7.58 83 - Vimal Kumar Kaushik Punj Lloyd MD 3.85
not imply that they work in India rather
35 - M.R. Jaishankar Brigade Enterprises CMD 7.57 85 40 A. Hieronimus* Bosch MD 3.82
don’t get them. 36 Bharat K. Sheth DC & MD 86 Rahul Bajaj Chairman
than go abroad.
67 Great Eastern Shipping 7.22 - Bajaj Auto 3.80
37 - K.V. Mani Kalpataru Power MD 7.06 87 50 Arun K. Jagatramka Gujarat NRE Coke VC & MD 3.74
38 62 Prathap C. Reddy Apollo Hospitals Entp. ECH 6.90 87 34 Deepak S. Parekh HDFC Chairman 3.74
39 - B.G. Raghupathy BGR Energy CMD 6.58 89 - P. Subramanian Shanti Gears CMD 3.66
40 56 Navin Agarwal Sterlite Industries EVC 6.51 90 36 B. Muthuraman Tata Steel MD 3.65
41 - P.M. Sanghvi Ratnamani Metals & Tubes CMD 6.38 90 - Gautam Singhania Raymonds CMD 3.65
41 - Rahul Dhir Cairn India MD & CEO 6.38 90 - Vijay Kumar Gupta Gujarat Ambuja Exports CMD 3.65
43 - Pradeep Kumar Jain Parsvnath Develeopers Chairman 6.00 93 - D.L. Mirchandani Ingersoll Rand CH. & President 3.63
44 - Ravindra Jain Panacea Biotech MD 5.97 94 - K.R. Thakur Jyoti Structures MD 3.60
45 - K. Raghavendra Rao Orchid Chem & Pharma MD 5.75 95 - A.J. Prasad HBL Powersystems CMD 3.51
45 54 Reji Abraham Aban Offshore MD 5.75 96 - Raghupati Singhania JK Tyre VC & MD 3.47
47 - Yadupati Singhania JK Cement MD & CEO 5.62 97 39 Jignesh Shah Financial technologies Ch. & Group CE 3.44
48 68 B.N. Kalyani Bharat Forge CMD 5.38 98 - Nikhil J. Danani Bharat Bijli VC & MD 3.41
49 46 Martial G. Rolland Nestle India CMD 5.31 98 - Anil Gupta KEI Industries CMD 3.41
50 - M.B. Parekh Pidilite Industries MD 5.27 100 - B.R. Taneja ISMT CEO 3.35
For methodology see page 52; Compensations (in Rs crore) are annual figures; *Based on performance up to December 2007; EC: executive chairman, VC: vice-chairman, DC: deputy chairman, CE: chief executive, EVC: executive vice-chairman Source: BW research

29 DECEMBER 2008 46 BUSINESSWORLD 29 DECEMBER 2008 47 BUSINESSWORLD