The company officials informed that they will pay 50,000 euros a year to Shravin Mittal for his work.
Shravin, who has a twin brother, completed his graduation from the University of Bath in the UK.
However, Sunil Mittal said, "I am still around," when he was asked whether Shravin's joining the company is the first step of succession process or not.
Shravin is the first family member, who joined the company with an executive position after Sunil Mittal.
Software giant Wipro also announced on Sep 2 that Azim Premji's son Rishad Premji will become the CSO of the company.
So, it seems that time has turn to welcome the successors of the well known personalities, who have acquired a great name and profit in their time. Now they are handing over their responsibilities to their kins or to the successors.