Mumbai, April 07: As liquor baron Vijay Mallya charts out his succession plan, son Sidhartha V Mallya will soon join United Spirits Ltd with a monthly basic salary of Rs 48,150 and a total pay of up to an estimated Rs 1.67 lakh.
Jr Mallya, who turns 23 this year, will join United Spirits Ltd as Deputy General Manager (New Generation Sales Outlets) for a period of 5 years with effect from June 1.
As per a filing with the Bombay Stock Exchange, United Spirits Ltd (USL) said he will draw a basic salary of Rs 48,150 per month. Besides the basic salary, Sidhartha would get a rent free unfurnished accommodation, a person allowance of Rs 19,260 per month, a flexible compensation package of Rs 41,092 per month.
He will also be entitled to a medical allowance equal to its one month’s basic salary and a personal accident insurance cover of Rs 10 lakh.
Above all, he would also get other benefits like, LTA, food coupons, car allowance, fuel, driver’s salary and will get up to Rs 70,000 for purchasing home appliances.
USL said it has sought shareholders’ approval for the Sidhartha’s appointment to the post with May 3 as last date of receiving the ballots.
Earlier Vijay Mallya has said he will bring his son Sidhartha into the business within a couple of years.
In 2005, Sidhartha was appointed as director on the board of the holding company, United Breweries (Holdings).
Last year, Junior Mallaya had also done apprenticeship with USL’ rival Diageo to gain international exposure.
–PTI