In the midst of reports doing rounds in the business media of Reliance Retail eyeing ‘Subhiksha’ as a takeover target , here comes the news of five senor executives leaving Reliance Retail to join the food, grocery, pharmaceutical and the telecom chain ‘Subhiksha.’ As per a news report published in the Economic Times, in the past six weeks, five Reliance managers, at VP and AVP levels, have left Reliance Retail to take up assignments with the discount chain Subhiksha, which is expanding its decade old chain to 1,000 stores by end 2007.
The exodus of managers from Reliance Retail is rather intriguing, particularly when they have announced the biggest investment retail roll out in the country. Only a few weeks back the high profile Rajeev Karwal, who was heading the consumer durables’ operations at Reliance Retail, had left the organisation.
Reliance people have moved to Subhiksha across various regions where the retail chain is on an expansion spree. It may be recalled that R. Subramanian promoted, Chennai based no frills, neighbourhood, convenience store formate chain of late is growing at a break neck speed. It claims to be aiming the turnover of Rs. 3,500 crore in the year 2007.
“Retailing in India is at a stage where people movement is happening at a furious pace as every player requires personnel for their operations,” said Subramanian to the Economic Times.