USL Raises a Toast to Crorepati Club, Pays Big to Keep Top Execs on a High
56 executives earn more than .₹ 1 cr in salary in FY17 as spirits maker strives to push sales
Sagar Malviya & Sreeradha D Basu
Mumbai: United Spirits may not be among the most popular destinations for jobseekers, but the country’s largest spirits maker has more crorepatis in its ranks than IT giant Infosys and all FMCG companies except Hindustan Unilever.
As many as 56 executives at United Spirits (USL) took home more than .₹ 1 crore in salary in the year ended March — against 52 in the previous year — according to the firm’s annual report. This despite managing director Anand Kripalu describing FY17 as “the single-most challenging year from a regulatory perspective”. Consumer goods giant Hindustan Unilever, which had 125 executives taking home more than .₹ 1 crore in salaries last year, and IT major Wipro, with 51 such people, both saw the number of crorepatis shrink from the previous year.
Diageo, the world’s largest spirits maker that owns United Spirits, is looking to attract and retain talent in India as it pushes hard to build up sales and fend off competition in what’s emerging as a key market, experts said.
“The aviation ministry is pursuing the matter with the finance minister, as this will cushion the passengers against an increase in fares on account of PSF,” said a ministry official, who did not want to be identified.
Rao’s August 2 letter to the CISF DG has also been marked to aviation secretary RN Choubey and other senior officials in the home and aviation ministries. His letter is a response to CISF DG Singh’s earlier note to Choubey that sought the latter’s intervention in getting CISF dues cleared, which was first reported by ET on August 2, 2017.
“A review of outstanding dues against various airports shows that an amount of .₹ 735.33 crore is outstanding against 59 airports. Moreover, during the last 12 months, total dues have further increased from .₹ 542.57 crore to .₹ 753.33 crore. Out of the total pending dues of .₹ 735.33 crore, an amount of .₹ 655.40 crore relates to DIAL alone,” said Singh’s letter that was written in June.
DIAL had also clarified that the airport does not owe any money to CISF. “It is unfair that DIAL is being projected as responsible for non-payment or delayed payment. The fact of the matter is that airport security is a sovereign function reserved for the government of India. Hence, it is the primary responsibility of the aviation ministry and government of India to ensure payment of CISF’s dues. Outstanding dues have built up over a period of time due to the shortage of funds in PSF,” Rao’s letter said.