At Rs30cr plus Torrent CEO is highest paid

Vol 19, PW 26 (08 Sep 16) News in Brief
     

Markand Bhatt the CEO of gas-based power producer Torrent has been named as the highest paid CEO among all Gujarat's stock market listed companies.

Bhatt is ranked first this year by Delhi-based market data company Prime Database, which released its annual inventory of companies in late August. Bhatt took home Rs30.44cr ($4.6m) in 2015-16 including a Rs19.44cr ($3m) salary and a Rs11cr ($1.65m) commission.

Bhatt, 70, is the right hand man of Torrent Power chairman Sudhir Mehta. Simple and unassuming, Bhatt is a product of the prestigious IIM Ahmedabad, established in 1961, and is a member on the Torrent board since 2000.

He has more than 46 years of experience of which 20 years have been in the power sector. Bhatt led Torrent's expansion into gas-based power generation including the 1147.50-MW SUGEN, 382.5-MW UNOSUGEN and 1200-MW DGEN power stations in south Gujarat.

"Not just Gujarat, Bhatt is amongst the top 25 highest paid CEOs in India," says a source. "But he's a man of few words and low profile."