RCom Chairman Anil Ambani not to draw salary in 2017-2018
Mumbai : Telecom major Reliance Communications (RCom) Chairman Anil Ambani has voluntarily decided to forego his salary and commission from the company during the current financial year as part of its "strategic transformation programme", RCom announced on Wednesday.
"Reliance Group Chairman Anil D. Ambani voluntarily decides to draw no salary or commission from RCom in current financial year. The decision is part of the company promoters' commitment to the Strategic Transformation Program," an RCom release said here.
Announcing that the RCom management too has followed the chairman's lead, the statement said: "RCom management team onboard to defer personal pay by up to 21 days."
"Measures to remain in place until December 2017," it added.
In this connection, RCom said that it has targeted two major deals for closure by end of September this year, which will help reduce the company's debt.
"Aircel, Brookfield deals targeted to close by 30 September 2017, subject to approvals. This will reduce debt by nearly 60 per cent or Rs 25,000 crore," the statement said.