Trident Group, a Ludhiana-based business enterprise dealing in textiles and paper, has announced distribution of employee stock ownership plans (ESOPs) worth ₹200 crore through the Trident Welfare Trust in financial year 2021-22.
The shares would be distributed free of cost with a three-year lock-in period in recognition of those employees who continue to push the boundaries of success, as per an official release.
“The scheme applies to all 14,000 employees of the Trident Group,” a company spokesperson told BusinessLine.
‘Vision 2025’
The fund is designed to inspire and motivate Trident employees to deliver on the company’s strategic roadmap, ‘Vision 2025’ that includes goals aimed at achieving revenue of ₹ 25,000 crore by 2025, the statement added.
“We are committed to enabling wealth-creation opportunities for every single employee who has partnered with us in our journey, especially in trying times like the last year. Driven by the entrepreneurial spirit of these individuals, we are hopeful that the value of this fund will increase to ₹500 crore by FY2022-23,” said Rajinder Gupta, Chairman, Trident Group.
The ESOPs are for distribution to eligible individual contributors and teams who meet performance benchmarks.
The company aims to initiate disbursing the ESOPs soon, the statement noted.