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Reliance Communications Chairman Anil Ambani will not take any salary or commission in the current financial year as the company is reeling under huge debt and credit downgrades.
The top management of the company has also decided to defer their personal pay by 21 days till the end of 2017.
“Chairman, Reliance Group, Anil D Ambani voluntarily decides to draw no salary or commission from RCom in the current financial year,” RCom said in a statement.
RCom said Aircel and Brookfield deals are targeted to close by 30 September 2017 subject to approvals, and will reduce debt by nearly 60 percent or about Rs 25,000 crore.
The company has been reeling under a slew of rating downgrades over the last few days, battering its stock.
Shares of RCom were trading at 18.2 a unit, up 0.83 percent, in the afternoon on BSE.
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