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Billionaire Mukesh Ambani to Forgo Pay as Reliance Cuts Salary at Oil Unit

  • Staff earning more than $20,000 a year to take 10% pay cut
  • Indian company’s net income fell 39% in the March quarter
Mukesh Ambani

Mukesh Ambani

Photographer: Dhiraj Singh/Bloomberg
Updated on

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Reliance Industries Ltd., India’s biggest company, plans to cut salaries of employees in its oil and petrochemicals business after a slump in fuel sales reduced revenue, people with knowledge of the matter said.