In a move aimed at boosting the retail arm, Reliance Retail’s senior executive Raghu Pillai has been taken on the company’s board – making him the first official from Reliance Retail Limited (RRL) to hold such a senior post.
Pillai joining the company board clearly indicates the importance that Reliance Industries Limited (RIL) attaches to the retail sector.
Though none of the company officials either denied or confirmed the report, sources confirmed to Indiaretailing that Pillai “has come on Reliance Board.”
“This move would strengthen the retail arm of the company considering that we are going to a large number of areas, and Pillai’s presence in the board would give a boost to the company’ s foray into retail,” the sources told Indiaretailing.
Pillai will be the fourth member of the board, which includes Reliance Industries Chairman Mukesh Ambani, his associate Manoj Modi, and Dipak Jain, the dean of Kellogg School of Management.
This elevation assumes significance as it coincides with West Bengal Chief Minister Buddhadeb Bhattacharjee coming out in defence of entry of corporate retail in the state, after companies like Reliance had been targeted and had to stall plans of opening outlets in the state, especially those dealing with fruits and vegetables.
Pillai being made a member of Reliance Board comes when the company is restructuring the business, breaking down the vertical format to create separate subsidiary companies with independent profit-and-loss accounts.
With Reliance Industries planning to have almost 30 companies for segments ranging from jewellery, fashion, and electronics, to fruits and vegetables, Pillai, who is chief executive of operations and strategy at Reliance Retail, is likely to be on the board of all the subsidiary companies as well, the sources said.
Pillai joined Reliance Retail in March last year after a 10-month stint with Kishore Biyani-led Future Group, where he was the chief executive officer (CEO) of Home Solutions. Pillai has been associated with the retailing business in one form or the other for over two decades.
– Sri Krishna