(Image source from: Reuters.com)
After acquiring Metro cash and carry for a cash consideration of Rs 2,850 Cr, Mukesh Ambani’s Reliance Industries wholesale market JioMart has reportedly laid off 1000 of its employees.
Metro, they got a wide network across the key cities of the Indian supplier market. Yet after acquiring Metro, Jiomart has laid off 1000 of its employees and asked 500 executives to resign from the company in a few days. Many were put on a performance improvement plan (PIP). Depending on their performance company will reduce their salary and might even fire them. They are planning to cut as many as 9000 employees in the coming weeks.
Metro has a permanent workforce of 3500 employees and the Jiomart employees were overlapping their roles and which impacted Jiomart employees and led to big layoffs.
Jiomart is also planning to reduce its losses by increasing their operational strategies. Not only this Jiomart is also planning to shut 150 fulfilment centres and shift the stock to the neighbourhood stores. Metro has many stores across many Indian cities and Reliance will be utilising them. Reliance Retail is more concentrated on B2B business space and they also entered into consumer goods markets after acquiring Campa Cola from Pure Drinks.
