New Delhi (IANS) Reliance Retail generated net new employment for 2,500 people from January 2023 alone.
As per market sources, 567 people resigned on performance grounds and serving notice-period post April 2023.
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. 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 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.
Reliance Retail Ventures Limited, through its subsidiaries and affiliates, operates an integrated omni-channel 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 serve the daily needs of millions of Indians.
RRVL reported a consolidated turnover of Rs 260,364 crore ($31.7 billion) and 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.
Cumulative footfalls during the year (FY23) stood at 780 million.