Lakshmi Mittal may be the richest Indian by virtue of his stake in world's biggest steel empire, but in terms of annual remuneration as a CEO he has been beaten by another India-born chief executive -- Arun Sarin.
Vodafone, the world's largest mobile player by revenue, gave more than $33 million (about £16.9 million) to Sarin as salary and other benefits in the form of cash, stocks and options in the financial year ended March 31, 2007.
Sarin got a base salary of $2.5 million (£1.27 million), while his total cash remuneration including incentives and other benefits stood at $6.4 million (£3.24 million), the company said in its annual report.
This is the largest ever annual cash remuneration received by Sarin as Vodafone CEO, exceeding his £3.196 million package in the year ended March 31, 2004.
This was higher than the salary taken by L N Mittal last year as CEO of Mittal Steel, to be renamed as ArcelorMittal.
The steel giant disclosed last month in its annual report Mittal earned a base salary of $2.005 million, while total cash package including performance related payment stood at $3.68 million.
Sarin was also granted shares worth seven million dollars (£3.5 million) under the company's short-term and long-term incentive plans, in addition to grant of stock options worth about 20 million dollars (£10 million).
The total share options held by Sarin at the end of last fiscal were valued at about $70 million. Besides, he has accumulated shares worth about $22 million, which have been given to him under various incentive plans.
In comparison, Mittal was awarded options worth just $1.8 million as the Chairman and CEO of Mittal Steel, taking his total holding of options to about eight million dollars at the end of 2006.