The Indian IT sector is booming and we are living at the right period of time to witness the tremendous surge in the growth of our national economy. Earlier this year, India secured the third rank as the country with the startup ecosystem just after the United States of America and China.
In India, industries are scaling at a rapid pace and there are currently 107 unicorns in the country. All of these have been possible due to the better accessibility of data and investors getting more interested in the Indian Market. Business Outreach Magazine is trying to play a pivotal role in bringing to our avid readers the latest news and updates about the business sector in our country.
Growth and Success :
The cultural diversity of India has allowed its industries to get more funding and global exposure for a long period of time. Law-abiding citizens have always shown resilience and discipline when it comes to serving the beautiful India. Currently, the Indian IT industry has CEOs, who are highly compensated for their role in the company.
C Vijayakumar and his success :
C Vijayakumar, who is the highest-paid Chief Executive Officer (CEO) in India, gets paid about Rs. 130 crore for his instrumental role in HCL Technologies. His compensation value stands at about $ 16.52 million, which is about Rs. 130 crore. The annual report from the company suggests that he received about $ 12.5 million as a long-term incentive (LTI) of two years.
Visionaries and their annual compensation :
Reports also indicate that C Vijayakumar did not receive a hike in his salary for the financial year of 2022. But the LTI took him higher in pay than Thierry Delaporte, who is the Chief Executive Officer of Wipro. Thierry’s annual salary was $ 10.51 million or Rs. 79.8 crore, which was 20% more than the previous year.
It is also noted that Salil Parekh, who is the CEO of Infosys received a 43% hike in his annual salary, which is around Rs. 71 crores. At this number, Salil stands third as one of the highest-paid CEOs in India. As the fourth highest paid CEO in India, Rajesh Gopinathan of Tata Consultancy Services gets an annual package of Rs. 25.77 crore, which is a 27% raise from last financial year.
Vijayakumar had a base salary of $ 2 million and in the year 2021, he got a 74% hike in his salary, with an incentive of performance of about $ 2 million. This made his total pay at $ 4.13 million which is about Rs. 30 crore.
C Vijayakumar granted about 900,060 units of stock in the financial year of 2022. Prateek Aggarwal, who is the Chief Financial Officer (CFO) of HCL Technologies got a hike of 36% in the year 2022. Such appreciation for the high-ranking executives have been due to the support from HCL America Inc, which is the fully-owned subsidiary of the company.
HCL Technologies and the future :
To add to this, the median raise in salary was marked at 11.42% in the financial year of 2022. The average increase in the percentage of the employee salary apart from the managerial positions was about 6.85% in the financial year before the current one.
Vijayakumar said, “At HCL Technologies, we have taken pioneering steps in our talent strategy. We are proud of our global team of diligent, diverse and passionate people, all 209,000 plus of them across 52 countries.” He also added that “They are delivering an extraordinary experience to our clients under the leadership of a world-class management team rooted in our culture of ‘Ideapreneurship’.”
HCL Technologies which was formerly Hindustan Computers Limited is currently an Indian MNC in the industry of IT consulting and services. The company is based in Noida and is a part of HCL Enterprise. Earlier it was a research and development division of HCL. But in the year 1991, HCL entered the software industry and became an independent organization. HCL has offices in 50 countries and employees around 187,000.
HCL and Expansion :
The global 2000 list by Forbes has HCL in it and in India, HCL is among the highest 20 companies that are publicly traded. The company has a market capitalization of $ 50 billion recorded in September 2021. The company with its subsidiaries have a total annual consolidated revenue of about $ 10 billion or Rs. 71,265 crores approximately. It was the year 1976, when six former employees of Delhi Cloth and General Mills, planned to start making computers.
This team was led by Shiv Nadar and was assisted by Arjun Malhotra along with Ajai Chowdhry and teaming with D.S Puri, Yogesh Vaidya and also Subhash Arora. The team initially began their business by selling teledigital calculators. The fund that was gained by selling these products supported their main selling item. It was August 11th in the year 1976, when the company was named Hindustan Computers Limited (HCL).
The HCL Overseas Limited was incorporated in 1991 and this body ensured developments in technology services. In 1994, the company’s name changed into HCL Consulting and then to HCL Technologies in 1999. There are four major companies under HCL Corporation that include HCL Technologies, Healthcare, HCL TalentCare and also HCL Infosystems.
At first, HCl Technologies was the research and development division of the HCL Enterprise and they handled the IT industry growth in India. In 1999, HCL Technologies released their Initial Public Offering (IPO) with about 142 crore shares, each valued at Rs. 4. March 2021 marked HCL’s partnership with Google Cloud with the help of HCL’s software prowess and the cloud platforms of Unica Marketing.
In the month of July in 2018, a software company from the US named Actian was bought by HCL Technologies and Sumeru for about $ 330 million. In 2015, computer manufacturer Dell collaborated with HCL Infosystem to perform a strategic way of distribution. HCL also signed an agreement with Temenos, where HCL can produce and market the Temenos platform for development.
Such partnerships will assist the clients of non-financial services to get more support and backing. HCL is operational in about 52 countries like Switzerland, Bulgaria, Portugal, United Kingdom. Norway, Poland, Canada, Germany, Italy, and several others. The HCL Infrastructure Services Division is another part of the corporation that was established in 1993. This department supervises cost-effective business plans for technology in different locations.
Business Outreach Magazine places itself at a position, which allows us to express our views on the Indian business industry and how it is evolving with the advancement of technology and with the ease of sharing data.
The top CEOs of these multinational enterprises hugely play a part when it comes to a global expansion model, creating a better ecosystem for future professionals and ensuring a well-skilled growth place for fresh graduates. This exchange of positive backdrop behind an industry further amplifies the economy of India. With such visionaries leading India, it is certain that the youth of today will emerge as successful entrepreneurs, who are creating revolutionary industries and creating hundreds and thousands of jobs and a bright future.
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