India’s largest cellular service provider Bharti Airtel proposes up to Rs 70 crore annual pay package for its Chiarman & MD Sunil Mittal. The offered package would be more than double his current fiscal remuneration of Rs 27.5 crore.
Bharti Airtel required its shareholders' approval in its upcoming AGM on September 1st for re-appointment of Mittal as its Managing Director with effect from October 1, 2011 as Mittal would complete his current term on September 30th. For the new term Sunil Mittal would get a remuneration package of up to Rs.70 crore besides other benefits.
However, the collective remuneration, including fixed pay, variable pay, perquisites, allowances and other benefits payable to Mittal would be subject to the overall ceilings laid down by the Indian Government.
Mittal's pay package in 2010-11 included salary and allowances of Rs 9.58 crore, performance linked incentive of Rs 17.87 crore and perquisites worth Rs 4.83 lakh.
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