Wal-Mart grabs Reliance Retail''s top execs
22 Mar 2007
New Delhi: Two top execs from Reliance Retail have joined Wal-Mart, Bharti's retail partner, leading to another round of hectic movements in the country's emerging retail sector.
Bharti and Reliance signed a "no-poaching" agreement last week.
S Ramesh, the head of buying operations at Reliance Retail has quit to join Wal-Mart as head of sourcing operations while Abhinandan Shukla, in charge of confectionery, is also learnt to have quit and headed for Wal-Mart.
Those who have received offers at Wal-Mart say that apart from the 30 pc flat hike over existing remuneration packages, Wal-Mart is also throwing its five-day-work schedule as a bait to lure talent which Indian retailers cant' match.
S Ramesh was initially heading Wal-Mart's sourcing office in Bangalore and played a role in increasing Wal-Mart's sourcing from India, which currently stands at around $650 million.