Pathamadai Balachandran Balaji, the CFO of Tata Motors, has become the highest paid CFO within the Tata Group during FY23. Balaji played a crucial role in steering an economic turnaround for Tata Motors, resulting in the company’s first full-year profit in eight years. His remuneration during FY23 amounted to Rs 16.73 crore, a 31% increase compared to the previous fiscal year.

The decline in remuneration of Koushik Chatterjee, CFO of Tata Steel, also contributed to Balaji’s rise. Chatterjee’s remuneration decreased by 6% in FY23, reflecting Tata Steel’s reduced profit after tax.

Giridhar Sanjivi, CFO of Indian Hotels Company (IHCL), experienced the highest increase in remuneration within the group, thanks to IHCL’s return to profit after three years.

The future looks promising for the Tata Group, with planned investments of $90 billion over the next five years in various sectors, including electric vehicles, renewable energy, and aviation battery cell manufacturing.