Reports have emerged suggesting that Reliance Retail, a subsidiary of Reliance Industries, has initiated layoffs within its JioMart division. It is estimated that over 1,000 employees have been affected by the job cuts, and further layoffs are anticipated in the coming days.
JioMart To Start Laying Off Employees: 1000+ Employees To Be Impacted
The layoffs at JioMart are believed to be part of a broader cost-cutting strategy implemented by Reliance Industries. As part of this plan, the wholesale division’s workforce is expected to be reduced by around two-thirds.
Furthermore, there are reports that several employees have been placed on a performance improvement plan (PIP). It is alleged that over 1,000 employees, including 500 executives from the corporate office, have been asked to resign in recent days. Additionally, hundreds of employees have been put on a PIP, indicating the possibility of more layoffs in the future.
Industry experts had anticipated these layoffs following Reliance’s acquisition of Metro Cash and Carry, which added approximately 3,500 employees to its workforce. Reliance Retail has also reportedly initiated a price war in the grocery business-to-business (B2B) sector by offering significant discounts.
The exact reasons behind these layoffs and cost-cutting measures within JioMart are yet to be officially disclosed. However, it appears that the company is undertaking strategic adjustments and realignments to optimize operations and potentially improve its competitive position in the grocery B2B space.
The impact of these layoffs on Reliance Retail’s overall operations and its employees remains to be seen.
Reliance & Elon Musk Can Join Forces To Create Private 5G Network In India
Reliance Jio, a prominent telecommunications company in India, is reportedly in discussions with Tesla regarding the establishment of a captive private network for a potential Tesla manufacturing plant in India.
Sources indicate that the talks between Jio and Tesla are still in the preliminary stage, and any further progress is expected once Tesla finalizes its plans for setting up a manufacturing unit in India.
Although Jio has not explicitly confirmed the discussions with Tesla, an anonymous Jio executive mentioned that the company is actively engaging with various enterprises, including those in the automobile, healthcare, and manufacturing sectors, to offer their network-building and management services for potential use cases in the context of 5G connectivity.