Austerity measures at RIL as covid saps oil demand

MUMBAI : Reliance Industries Ltd (RIL) chairman Mukesh Ambani will forgo his annual salary as India’s top private refiner unveiled on Thursday measures to cut costs as the covid-19 outbreak sapped demand for energy worldwide.

As part of the cost-cutting drive, RIL’s top management, including Ambani, and a sizable section of employees in the flagship oil and gas business will take pay cuts.

In an internal memo to employees, Hital R. Meswani, executive director and member of the board at RIL, wrote that the company was compelled to implement the austerity measures as its hydrocarbons business has been adversely impacted due to a sharp drop in demand caused by lockdowns across the world.