New Delhi: Mukesh Ambani would cherish this one - Bharti's Sunil Mittal salutes his ability to think mega and to meet almost unreal deadlines. After the telecom battle, Sunil Mittal is gearing up to take on Reliance in the retail arena. Bharti's retail plans would focus primarily on food and groceries.
Unlike Reliance, which is investing a whopping Rs 50,000 crore in purchase of land alone, Bharti is undecided on buying land for its venture. The company will roll out its retail plans in three months and would bring in a big global player as its partner. Tesco, Walmart are some of the names doing the rounds.
Big restructuring plans are also in the pipeline. Mittal says that he will celebrate his 50th birthday by taking on a mentor role for the telecom venture business. He will don the hat of the group executive Chairman and CEO and this change will take place between April and October 2007.
With Reliance's entry, the game's got more exciting. Reliance Retail's recruitment drive has led to a major people movement in the sector.
Reliance Retail has been responsible for a large chunk of those percentages. Reliance Retail has gone on a shopping spree, picking up about a thousand mid-level retail professionals like store operators and merchandisers.
The company has been offering hard-to-resist packages with hikes that stretch between 25 and 60 per cent over existing salaries and perquisites. Pantaloon is already feeling the heat.
Sources say companies like Pantaloon and Shopper's Stop are trying to plug the outflow with better salaries and benefits. The top-rung at Reliance Retail is a gallery of high-profile prize catches with annual salaries of more than Rs 2 crore.
Comments
0 comment