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

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By Saket Sundria and Debjit Chakraborty

April 30, 2020 at 11:19 AM UTC

Updated on

May 1, 2020 at 1:07 AM UTC

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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.