Anil Ambani to forgo RCom salary, commission
14 June 2017
In an austerity move, Reliance Anil Dhirubhai Ambani Group chairman Anil D. Ambani has decided to voluntary forgo his salary and commission from the telecom firm Reliance Communications.
The decision is part of company promoters' commitment to the ongoing strategic transformation programme, while the RCom management also decided to defer their pay by up to 21 days.
These measures would be in place till December 2017, RCom said in a statement.
The move comes after the company's debt was downgraded by three credit agencies. In the March quarter, RCom posted a loss of Rs966 crore, while its debt rose to Rs42,000 crore by the end of March 2017.
The company also said the Aircel-Brookfield deal is likely to close by 30 September 2017, subject to approvals. This will reduce the company's debt by nearly 60 per cent or Rs25,000 crore.
RCom intends to reduce debt through its Rs11,000-crore deal with Aircel and Brookfield by selling 51 per cent stake in its tower unit Reliance Infratel