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India

India

Suzlon plans Tanti salary hike

INDIA: Suzlon is planning to boost chairman and managing director Tulsi Tanti's salary by a third, despite the companies continuing financial tribulations.

Chairman and managing director Tulsi Tanit may see his salary boosted by a third
Chairman and managing director Tulsi Tanit may see his salary boosted by a third

According to plans sent out to shareholders, Tanti would receive INR 30 million ($485,000) a year, compared with INR 20 million in his current contract, if he is reappointed as managing director.

Indeed, Tanti only received INR 4.8 million ($77,600) last year due to restrictions put in place under the Companies Act due to the losses made by the company.

His term is due to expire in March and Suzlon has sent out postal ballots to shareholders for the approval of his reappointment and new remuneration package.

Some shareholders will no doubt baulk at the salary increase considering that total debt came to around INR 158 billion ($2.6 billion) in September 2013, up from INR 132 billion a year before.

Suzlon has slashed 3,000 jobs over the last financial year, a cut of 29%, with further headcount reductions planned.

Last year, the company entered into corporate debt restructuring in an effort to bring its finances under control. As a result, Tanti announced plans to reduce operational and staffing costs by 20% as part of the so-called project transformation.

For the third quarter of 2013, Suzlon posted a 16.5% decline in revenue but showed it had made some progress in cutting costs as operating and net losses were both reduced.

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