Mumbai: Reliance Industries’ chairman and managing director Mukesh Ambani will forgo his entire compensation from April 2020 as India’s biggest private sector major announced salary cuts and bonus deferments for directors on the board and for select employees in the hydrocarbons business.
The board of directors of RIL, including executive directors, executive committee members and senior leaders, will forgo 30-50 per cent of their compensation, the company said in a letter to employees dated April 29.
“The hydrocarbons business has been adversely impacted due to reduction in demand for refined products and petrochemicals,” executive director Hital R Meswani said in the letter. “This has of course put pressure on the hydrocarbons business, necessitating optimisation and cost reduction across all fronts. The situation demands that we maintain a razorsharp focus on operating cost and fixed costs and all of us need to contribute to make this happen.”
