Even though India's telecom sector may be bleeding, its promoters appear to be doing well.
The country's largest telecom service provider Bharti Airtel on Monday proposed an annual pay package of up to Rs 70 crore for chairman Sunil Mittal.
The company has sought shareholders approval for the same in the annual report released on Monday.
This will be more than double his last fiscal remuneration of Rs 27.5 crore, which is about 76% of the combined pay package of all directors in fiscal ended March 31, 2011.
As per the annual report, Mittal's remuneration rose by Rs 4 crore or 17% from his 2009-2010 fiscal's package of Rs 23.5 crore. Bharti Airtel also sought its shareholders' approval for re-appointment of Mittal as its managing director for another five-years with effect from October 1, 2011.
"This does not mean that Mittal's salary would be increased to Rs 70 crore. The company has sought approval so that one need not go to the board every time," said a company official.