Anil Ambani decides to forego salary from RCOM in current FY

Anil Ambani decides to forego salary from RCOM in current FY
With the company reeling under a huge pile of debt, Reliance Communications (RCOM) chairman Anil Ambani has decided to forego his salary and commission for the current fiscal.

"Reliance group chairman Anil D Ambani has voluntarily decided to draw no salary or commission from RCOM in current financial year. The decision is a part of company promoters' commitment to strategic transformation programme," RCOM said.

The company's management follows chairman's lead to ensure time-bound execution by deciding to defer personal pay by up to 21 days, RCOM said, adding that these measures will remain in place until December 2017.

RCOM's debt currently stands at around Rs 45,000 crore. Anil Ambani, during a press conference held on 2 June 2017, announced that bankers had agreed to pause debt repayments from the company for 7 months till December 2017. He had also stated that the merger of India wireless business with Aircel and deal with Brookfield for the sale of tower assets should help the company in reducing the company's debt by 60% to Rs 20,000 crore.

Liked the story?

  • 0

    Happy
  • 0

    Amused
  • 0

    Sad
  • 0

    Frustrated
  • 0

    Angry