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1-min read

Anil Ambani to Draw no Salary From RCom This Fiscal

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.

PTI

Updated:June 14, 2017, 6:51 PM IST
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Anil Ambani to Draw no Salary From RCom This Fiscal
Reliance Communications chairman Anil Ambani addresses a conference in Mumbai. (File Image: Reuters)
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New Delhi: 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 this year.

"Chairman, Reliance Group, Anil D Ambani voluntarily decides to draw no salary or commission from RCom in current financial year," RCom said in a statement.

The company has defaulted on some of the payments to lenders and it has received time till December for strategic restructuring plan under which it will get a 7-month standstill to service loans amounting to Rs 45,000 crore.

Ambani has said that the debt burden will be reduced to Rs 20,000 crore with two deals by September, before the December deadline given by the lenders.

RCom said Aircel and Brookfield deals are targeted to close by September 30, 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.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Ashish Yechury
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