Indian retail group Reliance Retail has denied reports that it is axing around 3,000 jobs – nearly one-fifth of its total staff – as part of a company reshuffle, according to The Financial Express (FE).
Speaking in response to claims that Reliance Retail is in the process of retrenching its retail personnel to streamline its business model, a Reliance Retail spokesperson told the publication: “Let me categorically deny this. We would like to further clarify and reiterate that there has been no realignment of our business strategy in any way. Our businesses have achieved scale and new ventures continue to expand. In this context, some employees in functions are continuously reassigned to group companies on the completion of projects.”
But the spokesperson conceded that Reliance Retail would “aggressively” pursue business partnerships “wherever appropriate”, reversing an earlier insistence of going it alone.
The FE said the process to secure joint ventures (JVs) with foreign players for all future and existing Reliance Retail “verticals” was expected to be complete by the end of 2009.
Reliance Retail has entered into JVs with a string of foreign retailers like Boots, Hamleys Toys, Marks & Spencers and Pearl Group, the FE said.
The group currently has its 11 verticals (which include Reliance Fresh and Reliance Trends) in all stores across the country, and boasts among the fastest rollouts globally, the paper added.
