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Mukesh Ambani takes 2/3rd pay cut for FY09
MUMBAI (Reuters) - Mukesh Ambani, India's richest man, accepted a two-thirds cut in his salary to $3.25 million for running his flaghsip Reliance Industries in 2008/09 to set an example for moderation in executive pay.
Reliance Industries, India's most valuable listed company, said in a statement its performance in the year ending March 2009 was satisfactory in the face of the global financial crisis.
The company said Ambani's total compensation fell 66 percent to 150 million rupees from 440 million rupees a year earlier, reflecting his "desire to set a personal example of moderation in executive compensation."
The compensation will be the lowest Ambani has received since at least 2005, when the Reliance empire was split between him and younger brother Anil following the death of their father.
Earlier this year, Forbes magazine pegged Ambani's worth at about $19.5 billion in its list of the world's billionaires, significantly lower than the $43 billion it had estimated he was worth in 2008.
Energy giant Reliance Industries, which is controlled by Ambani, lost more than half its market value in 2008, but the stock is up about 77 percent this year, almost in line with the broader 30-share BSE index.
Last week, the company announced a one-for-one bonus share issue and recommended an interim dividend of 13 rupees per share.
(Reporting by Pratish Narayanan; Editing by John Mair)
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