Reliance Retail employs 2,500 individuals since Jan 2023
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New Delhi: IANS learned from market sources that Reliance Retail had created net employment for 2,500 individuals from January 2023. Meanwhile, 567 people were asked to resign on performance grounds and a notice-period post-April 2023.
Reliance Retail Ventures Limited (RRVL), through its subsidiaries and affiliates, operates an integrated omnichannel network of 18,040 stores and digital commerce platforms across Grocery, Consumer Electronics, Fashion & Lifestyle and Pharma consumption baskets and has partnered with over 3 million merchants through its New Commerce initiative.
Its FMCG subsidiary, Reliance Consumer Products Ltd, aims to provide a wide range of products under a versatile brand portfolio that serves the daily needs of millions of Indians.
Drumming up 567 performance-based exits, which is less than 0.14 per cent) on a huge base of 400,000 plus is naive and alarmist, market sources said. The churn in all organised retail companies in India is 30-40 per cent annually.
Separation is part of the normal course and is performance-related. Likewise, redeployment too is part of an ongoing business process, sources said. Reliance has 400,000 plus people in its Retail business. Organised retail in India is showing 30-40% annual churn.
RRVL reported a consolidated turnover of Rs 260,364 crore ($31.7 billion) and a net profit of Rs 9,181 crore ($1.1 billion) for the year ended March 3.
Additionally, it has a registered customer base of 249 million and saw footfalls at 219 mn across its stores in the previous quarter ended March 31, 2023.