Jiomart, Mukesh Ambani's wholesale online platform, has laid off 1000 employees days after it acquired Metro Cash and Carry. It has put hundreds of employees on a 'performance improvement plan' as it plans a larger round of layoffs, reported ET. The decision has reportedly been taken as Metro's permanent workforce of 3500 employees will result in overlap of several roles. Metro AG, a Germany company, sold its 31 stores to Isha Ambani-led Reliance Retail for Rs 2850 crore. Reliance Retail, the parent company of JioMart, reported Rs 2,415 crore profit in the fourth quarter of 2022-2023.

Source: dna May 24, 2023 07:25 UTC