Delhi 6 march 2025 (Punjab Khabarnama Bureau): Reliance Industries Chairman Mukesh Ambani is overhauling Reliance Retail Ventures, the retail unit of his sprawling business empire, in a bid to make the company reach $125 billion in valuation, Bloomberg reported.
Asia’s richest man Mukesh Ambani, along with his daughter Isha Ambani, is overseeing cuts to jobs and costs, people with knowledge of the matter told Bloomberg, asking not to be named. These efforts include, but are not limited to, limiting physical store expansion, reigning in marketing budgets, merging Reliance Brands with Reliance Retail and reviewing global brand partnerships.
The overhaul comes after brokerages estimated the company’s valuation at $50 billion, which is half the amount at which it last raised money two years ago.
Ambani recently acknowledged to investors that Reliance Retail had grown too big too quickly as a result of aggressive expansion across formats and geographies, according to Bloomberg.
The hiring of employees above a certain pay scale also now requires approval from the chairman’s office, the people added.
Summary: Mukesh Ambani and Isha are driving job and cost reductions at Reliance Retail to raise its valuation to $125 billion.