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Bhuvaneswari, Brahmani took home Rs 9.5 cr salary in FY17
Reflecting the growing trend of key management personnel in the India’s corporate world taking home hefty pay cheques, Nara Bhuvaneswari, Vice Chairperson and Managing Director, and her daughter-in-law Nara Brahmani, Executive Director of Heritage Foods Limited, were together paid a little over Rs 9.5 crore as pay package in the financial year 2016-17.
Hyderabad: Reflecting the growing trend of key management personnel in the India’s corporate world taking home hefty pay cheques, Nara Bhuvaneswari, Vice Chairperson and Managing Director, and her daughter-in-law Nara Brahmani, Executive Director of Heritage Foods Limited, were together paid a little over Rs 9.5 crore as pay package in the financial year 2016-17.
The duo received more than 10 per cent pay hike over the total remuneration they were paid in the preceding financial year i.e. 2015-16. Their remuneration included salary, perks and commission.
According to the Annual Report for 2016-17 of Heritage Foods Limited which is currently celebrating its silver jubilee year, Bhuvaneswari received Rs 528.19 lakh (nearly Rs 5.3 crore) as total remuneration for 2016-17. This represented an increase of 10.47 per cent from Rs 4.78 crore she was paid in the previous financial year of 2015-16.
It may be recalled that her husband Nara Chandrababu Naidu, the current Chief Minister of residual Andhra Pradesh, founded Heritage Foods 25 years ago in 1992. He however handed over the management responsibilities to his family members as he got busy with politics and served as Chief Minister for united Andhra Pradesh for nearly two terms till 2004.
As per the report, Bhuvaneswari’s pay cheque for FY17 was more than 381 times of the median remuneration of employees (MRE) in Heritage Foods. More than 2,420 people work for the dairy major which is also into renewable energy space.
For her role as the Executive Director of Heritage Foods, Nara Brahmani, the wife of Nara Lokesh, Naidu’s only son, took home Rs 422.30 lakh (Rs 4.22 crore) as total remuneration last fiscal. This pay package represented a 10.40 per cent upswing from Rs 3.82 crore she was paid in the previous fiscal. Her pay package was nearly 305 times of the company’s MRE.
Meanwhile, Heritage which is aiming at Rs 6,000 in total revenues by 2022 from the current Rs 2,642.9 crore, has drawn up plans to establish five new milk processing plants over the next five years. Each of the plants is expected to entail an investment of Rs 30 crore. Post the expansion, the company will be equipped to handle 30 lakh litres of milk per day as against 18.90 lakh litres at present, Bhuvaneswari said in the Annual Report.
By P Madhusudhan Reddy
