Indian CEOs spend big to attend Davos forum

DAVOS: Reliance group chairman Mukesh Ambani missed two key events he was to address here with inclement weather playing spoilsport on the opening day of the World Economic Forum on January 25.

With 39 heads of state and CEOs of several top companies here to attend the annual jamboree, Ambani is busy meeting them, said his aides. When he found time on Friday , he stepped into the adda, the hub of India’s presence in Davos, to not just have samosas — his lunch, he said — but also meet the likes of commerce and industry minister Anand Sharma.

Ambani is not the only one networking hard at WEF, which has some 2,500 participants . There are over 100 Indian CEOs, who have spent anywhere between $50,000 (over Rs 22 lakh) and $1 million (Rs 4.5 crore) to attend the event. And, the tab does not include boarding and lodging charges for them and their executives, which could be upwards of $500 a day.

If you are a strategic partner, you could be spending $1 million a year, which includes participation at not just the annual meet here but also other events around the world. Companies are allowed to send four executives along with their spouses. Every additional participant from the firm has to spend around $25,000.

For an individual, the tab, including membership and partnership fee, is around $50,000, said participants. These members are also allowed to get an associate along.

Participants say by opting for a high fee, WEF ensures that only the elite gather here.

So what makes CEOs spend moolah to attend the event?