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Anil Ambani not to draw RCom Chairman's salary in 2017-18

IANS  |  Mumbai 

Telecom major 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.

"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 on-board to defer personal pay by up to 21 days."

"Measures to remain in place till 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.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 14 2017. 15:56 IST