Following spending Rs. 2850 crore, Mukesh and Isha Ambani's company fires 1000 employees.
Days after acquiring Metro Cash and Carry, Jiomart, Mukesh Ambani's wholesale ecommerce platform, lay off 1000 people.
The initiative, which would eventually result in the reduction of roughly two-thirds of the company's 15000 personnel, is just getting started. Almost 500 business employees will be laid go.
As it prepares for a larger round of layoffs, it has placed hundreds of staff on a "performance improvement plan," according to ET.
The newspaper said that the salary of the remaining staff members had been decreased. A flexible pay structure has been implemented for them.
The business makes an effort to replace grocery store wholesalers.
According to reports, the choice was made because Metro's 3500 permanent employees will cause some job categories to overlap.
The business is likewise concentrating on raising profit margins.
It intends to close about 75 neighbourhood grocery distribution centres.
Germany-based Metro AG agreed to pay Rs 2850 crore to Isha Ambani-led Reliance Retail for its 31 outlets.
JioMart's parent business, Reliance Retail, declared a profit of Rs 2,415 crore during the fourth quarter of 2022-2023.