Pawan Munjal, Hero MotoCorp Chairman, CEO, and MD have bagged a salary of Rs 59.66 crore in 2016-17. This fiscal year he gains a rise of 3.94% in his salary as compared to the previous year. While the median salary of the company’s employees during this financial year is Rs. 8.16 lakh. The average percentage increment in the salary of employees other than the managerial personnel in 2016-17 is 10.80%.
Whereas the remuneration of Sunil Kant Munjal, Joint MD of the company up to August 16, 2016, is Rs. 20.99 crore which excludes gratuity, leave encashment and other retirement benefits and it equals 257 times the median salary of the employees.
Pawan Munjal said, “One such area that is fast developing is the ‘electric’ vehicle category. Even as we build our own internal capacities, one of our strategic priorities is to also engage with the external ecosystem, including startups in a meaningful way”. Due to this, the company has invested in the two- wheeler electric vehicle startup, Ather Energy, he added. Last year the company has announced to invest Rs. 205 crore in order to acquire 30% stake in Ather Energy.
Munjal on meeting Bharat Stage (BS)-VI standard said: We have already started our preparations for the launch of BS VI models and are aiming to launch BS VI compliant products well before the proposed time line in 2020″.
While commenting on demonetization he said the banning of Rs 500 and Rs 1,000 currency notes in November 2016, has discomforted the company in the initial stage of implementation. He clarified “We took speedy steps to further encourage sales through the banking channels, installed point of sale (POS) machines and other devices of cashless transactions at our dealerships. By February 2017, a clear bounce-back in terms of consumer sentiments was visible in the sector”.