April 30, 2020 / 9:40 AM / a month ago

Exclusive: India's Reliance cuts pay of executives in oil-and-gas division - sources

FILE PHOTO: A gardener works next to a board of Reliance Industries Ltd at Gandhinagar in Gujarat, India, January 19, 2016.REUTERS/Amit Dave

NEW DELHI/MUMBAI (Reuters) - India’s Reliance Industries (RELI.NS) has imposed an up to 50% pay cut for some top oil-and-gas division employees, six sources told Reuters on Thursday, as the company battles lower fuel consumption and profitability due to the coronavirus epidemic.

Reliance, headed by India’s richest man Mukesh Ambani, has decided that employees earning more than 1.5 million rupees ($20,000) annually will face a 10% salary cut, while the cuts will be 30-50% for senior executives, the sources said.

A spokesman for Reliance did not immediately respond to calls or an emailed request for comment. The company is due to announce its quarterly results later on Thursday.

Reporting by Aditya Kalra and Alexandra Ulmer; editing by David Evans; Additional reporting by Nidhi Verma in New Delhi and Rajendra Jadhav in Mumbai; Editing by Euan Rocha

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