Kumar Mangalam Birla‘s salary from Idea Cellular limited dipped to a shocking high in the financial year 2016-17. The development came with the news of Idea registering net loss for the first time since going public in 2007.
Kumar Mangalam Birla, Chairman – Idea Cellular Limited, took home just ₹3.3 lakh in the whole year. The year before, his remuneration from the telecom company was staggering ₹13.15 crores. In the year ended March 2017, Idea cellular did not pay any bonus to its chairman or any other non-executive directors. This has happened for the first time since company’s IPO.
Entry of Reliance Jio in the telecom scene last year has made the life tough for existing telecom operators. Idea Cellular posted a net loss of ₹404 crores and a 0.8% dip in revenue. To overcome the losses, Idea announced a merger with Vodafone India to form India’s largest telecom company. However, the formalities of the merger are yet to be completed.
The managing director of Idea, Himanshu Kapania saw a 13% growth in his salary. He got 9.34 crores in the FY17. CFO Akshaya Moondra was paid ₹2.33 crores in the same period.