Mumbai: India’s most-valued company Reliance IndustriesNSE 2.74 % (RIL) announced pay cuts for employees in its oil and gas division, an internal memo showed.
“The COVID-19 pandemic has posed unprecedented challenges for India and the world. All societies, industries and businesses are impacted and Reliance is no exception,” the memo read.
The memo said Chairman Mukesh Ambani has agreed to forgo his entire compensation, while board of directors, executive directors, EC members and senior leaders will forgo 30-50 per cent of their compensation.
