Mukesh Ambani is worth an estimated $19.5bn
India's richest man has accepted a two-thirds cut in his pay "to set a personal example of moderation".
Mukesh Ambani, the head of Reliance Industries, said he would cap his pay at 150m rupees ($3.3m; £2m) this year. He received 440m rupees in 2008.
Earlier this month, the Indian government reportedly warned firms in the country not to pay their bosses excessive salaries.
Mukesh Ambani is worth an estimated $19.5bn, according to Forbes magazine.
In March, Mr Ambani's younger brother Anil said he would not be taking a salary this year from the group of companies he manages.
The issue of executive remuneration is of growing interest in India.
"I don't think anyone in India today, in politics or outside politics... has reached the level of liberalism where vulgarity is also a fundamental right," Corporate Affairs Minister Salman Khursheed said on 5 October.