The economic downturn has begun to affect lives everywhere and if you thought that working for a top conglomerate would spare you the recession blues, you are grossly mistaken.
India’s showcase business group Reliance Industries is so badly hit by the global financial crash that Mukesh Ambani’s SEZ in Haryana has laid off most of its staff. You have nowhere to hide, really.
Work at the much-hyped Haryana’s pride SEZ has come to a standstill. The SEZ has a staff of around 800 (around 250 permanent and 550 contracted employees).
Although Reliance executives involved with the project claimed that the company had decided to “go slow” due to the recession, SEZ sources confirmed that work won’t resume until the recession ends.
According to company sources, a large number of employees both at the senior and junior levels have already been asked to leave. But a Reliance spokesperson disagreed. He said, “The project has not been delayed as the company is still acquiring land for it. There is a business plan for everything and it takes a long time to implement such big projects,” he added.
Do you think recession is the sole reason behind this step taken by Reliance?
5 Comments
January 24, 2009 at 12:53 pm
Rejoice, this is good news, well at least for the millennium city dwellers who are the real sufferers of this increasing infrastructural chaos.
World class drainage system, premium power supply, potholes with road patches, uber-efficient transport (shared-auto) system, and an ultra-safe expressway -all pun intended- make this the most wanted city for SEZs and Technology Parks.
January 24, 2009 at 4:02 pm
The reason for delaying the SEZ (Reliance) due to recession is not understandable. In capitalism money is invested to fetch money and thus is manifolded in short duration. In the present days cash position is down of the many big houses and no industrialist would like to spare funds from his own balance sheet. People at large are waiting for reduction of rate of real state and there is a little hope of fund collection from the purchasers/end-users. Therefore, SEZ like projects are being shelved and not delayed only due to recession. The chances of revival of these projects are bleak.
February 18, 2009 at 6:29 pm
SEZ IG GURGAON AND REWARI ARE AIMED BY JAT POLITIANS AS THEY TARGET YADAV ZAMIDARS AND WANTS TO GRAB THEIR LAND WORTH CRORES IN FEW LACKS.
March 1, 2009 at 11:23 am
Just passing by.Btw, your website have great content!
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March 14, 2009 at 6:41 am
THIS NEWS PAPER IS BEST NEWS PAPER NEWS PAPER OF INDIA
SEZ IS NO FEVOURABLE FOR GENRAL PUBLIC OR NATION BUT IT IS VERY GOOD FOR BUSINESS MAN & PRIVATE COMPNIES