Anil D Ambani, chairman of Reliance Communications, will not receive salary and commission during the current financial year.

The debt-hit Reliance Communications, which is on the verge of default on its payment to financial institutions, said the decision of Anil Ambani is part of company promoters’ commitment to strategic transformation program.

Recently, financial institutions gave time till December-end to resume paying the debt of Reliance Communications.

Reliance Communications said its management team will defer personal pay by up to 21 days.

“These measures will remain in place till December 2017,” Reliance Communications said in a statement on Wednesday.

Reliance Communications is hoping to close its wireless business deal with rival Aircel and tower business with Brookfield by 30 September 2017.

Reliance Communications aims to reduce debt by nearly 60 percent or Rs 25,000 crore after closing the two deals.