India's richest man caps salary

MUMBAI- INDIA'S richest man, Mukesh Ambani, announced on Thursday that he will voluntarily cap his compensation at 150 million rupees (S$7.46 million) this year.

His flagship company, Reliance Industries, said the decision reflects his 'desire to set a personal example of moderation.' Last year, he made 66 per cent more, or 440.2 million rupees , a drop in the bucket of his overall wealth, which Forbes magazine puts at US$19.5 billion (S$44.1 billion).

In March, Mr Mukesh's younger brother, Anil, decided to forego all compensation this year, Tony Jesudasan, a spokesman for his group of companies, said ON Thursday. Last fiscal year, Anil received 520.8 million rupees.

The two brothers are locked in a bitter dispute over the spoils of their father Dhirubhai's empire which is scheduled to go before India's Supreme Court next week.

The global debate over executive compensation has largely bypassed India, where compensation is already regulated and economic growth has remained relatively strong.

The instabilities India suffered after the collapse of Lehman Brothers in late 2008 were seen largely as imported problems, rather than domestic issues that required structural reform. -- AP