Reliance Industries held its 47th annual general meeting on Thursday, where Chairman and Managing Director Mukesh Ambani touched upon the recent layoffs in the company.
What Happened: Ambani said that although there was a dip in the direct employment numbers, total employment created by Reliance has gone up. The company added 1.7 lakh jobs last year, he said.
The chairman clarified that the decrease in direct jobs was a result of the company's strategy to adopt newer incentive-based engagement models. Including both traditional and new engagement models of employment, the company's headcount is now nearly 6.5 lakh, he added.
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“Among all of Reliance's record achievements so far, this one will always hold a special place in my heart,” Ambani added.
This comes after the company reduced its workforce by 11% which translates to a staggering 42,000 employees. According to RIL's latest annual report, the company's workforce decreased from 3.89 lakhs in FY23 to 3.47 lacs in FY24.
Ahead of the meeting, Reliance’s stocks soared after the company said that it will consider and approve the issue of bonus shares in the ratio of 1:1 during its board meeting on September 5. The company has not announced the record date for the bonus issue as yet.
Price Action: Shares of Reliance Industries were up 1.72% at ₹3,048 on Thursday afternoon.
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