Mumbai: The pay package of India’s richest man, Mukesh Ambani, remained capped at 15 crore for fiscal year 2016, the eighth year in a row, while the rest of the top brass at Reliance Industries Ltd (RIL) took home hikes.

Ambani, chairman and managing director of RIL, with a net worth of $19.3 billion, is ranked 36th worldwide and tops a list of 84 Indian billionaires in the Forbes annual ranking for 2016, announced in March.

He voluntarily capped his pay at 15 crore in 2009 amid a debate on right-sizing of CEO salaries. Till 2007-08, Ambani was the highest paid executive in India, with an annual compensation package of 44 crore.

His annual salary included 4.16 crore as salary, 60 lakh in perquisites and allowances, 71 lakh for retirement benefits and 9.53 crore as commission on profit. Though the base salary is the same as the previous year, the commission on profit has marginally risen from 9.41 crore in 2014-15.

“The chairman and managing director’s compensation has been set at 15 crore as against 38.75 crore as approved, reflecting his desire to continue to set a personal example of moderation in managerial compensation levels," RIL said in its annual report for 2015-16, released on Thursday.

Executive directors on RIL’s board, however, saw their remunerations go up. Ambani’s cousins Nikhil R. Meswani and Hital R. Meswani’s pay packets rose to 14.42 crore and 14.41 crore, respectively. In 2014-15 they got 12.03 crore each.

P.M.S. Prasad, another executive director on the board, saw his compensation go up to 7.23 crore from 6.03 crore. Pawan Kumar Kapil, chief of refineries, got 2.94 crore in 2015-16, as against 2.41 crore in the previous year.

Ambani’s wife, Nita Ambani, who joined the RIL board as non-executive director in 2014, earned a 6 lakh sitting fee and a commission of 1.20 crore, according to the annual report.

In his address to the shareholders, Ambani said, “Our new projects in the hydrocarbons and digital services businesses have made significant progress. We have invested over 1,12,000 crore in FY 2015-16, the highest ever by any corporate in Indian history. This large investment spread across all our businesses will create sustained and significant value for our stakeholders."

On RIL’s telecom venure, Jio, Ambani said, “We on-boarded over 1.5 million test users, who have been using the services extensively. This has enabled testing of the network, user applications and services and business platforms. The test programme will be progressively upgraded into commercial operations in the coming months."

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