Over 200 Indian execs earn Million dollar salaries

Mumbai: Among the listed entities in India, 125 executives, comprising both promoters and professionals across 85 firms, grossed over a million dollars, which is equivalent to Rs. 4.5 crore in 2008-09, according to a report. According to executive search firm EMA Partners' estimates, there are more than 75 executives who make over a million dollars in the unlisted entities. Overall, Indian firms boasts of around 200 drawing million-dollar salaries, reports Aritro Ganguly of Times News Network.

The Times of India commissioned executive search firm EMA Partners International to study the salary patterns in Indian firms, which came out with a report that digs deep into the balance sheets of listed entities to list the names of executives earning million dollars. The surprise package was L&T, which had eight professionals who featured on the list.

It was followed by Hero Honda with four and Reliance Industries with three, largely from the promoter fraternity. This is a clear indicator of the fact that Indian companies are now bridging the gap with their MNC counterparts in terms of compensation. The list of promoters is headed by Anil Ambani of ADAG with a compensation package of Rs. 52 crore, closely followed by the Sun TV couple Kalanithi Maran and Kavery Kalanithi with Rs. 37 crore each.

At the top of the non-promoter executive pecking order sits Toshiaki Nakagawa of Hero Honda, who earned Rs. 19 crore, his wealth fuelled by the two-wheeler market setting the pace in India. Along with him is his colleague S Fukuda with a pay packet of Rs. 15.8 crore. Markand Bhatt (Rs. 15.4 crore) of Torrent Power, A M Naik (Rs. 12.5 crore) of L&T and Rick Bott (Rs. 11.4 crore) of Cairn round off the top five.