Reliance Group chairman Anil Ambani to draw no salary or commission from RCom in FY18

Reliance Group chairman Anil Ambani has “voluntarily” decided to draw “no salary or commission” from beleaguered telecom arm, Reliance Communications in FY18.

“The decision is part of company promoters’ commitment to strategic transformation program,” RCom said in an official statement Wednesday.

In parallel, RCom’s management team on-board will defer personal pay by upto 21 days.

The fourth-largest telco said these measures would be place till December 2017.

The latest austerity moves at the group level come in the aftermath of RCom recently getting a seven-month respite on all its debt from bankers that brought some relief to the telco that’s been stung by multiple rating downgrades, its first annual loss and a plunging stock price.

RCom also reiterated that the pending “Aircel and Brookfield deals are targeted to close by September 30, subject to approvals”. Closure of these deals, it said, would reduce RCom’s debt by nearly 60% or Rs 25,000 crore.