 "Adani Group, Adani")
The Adani Group is shifting the key roles in ACC and Ambuja Cements from Mumbai to Ahmedabad, a report by Businessline said on Friday. In September last year, the group announced the acquisition of the companies for a record $6.5 billion.
The cement companies have their headquarters in Mumbai. But after the acquisition, the conglomerate has reportedly relocated significant roles to Ahmedabad, from where it majorly operates.
The BL report said that in several cases, people holding leadership roles are now based out of Ahmedabad but their teams are working from Mumbai. The team, thus, spends a substantial time travelling back and forth between the two cities.
This has pushed people to look elsewhere for jobs.
"Sources said this situation is creating a strained atmosphere with a large number of people preferring to look for other options," the report said.
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Competing firms in the industry have started receiving calls enquiring about job vacancies from the employees of ACC and Ambuja Cements, it said. The two companies have 10,000 employees in Mumbai. ACC has 6,000 employees and Ambuja Cements has around 4,700.
Apart from travelling, the governance issues arising in wake of the report by Hindenburg Research have also left employees uncomfortable. There is also a fear among the employees of job cuts as the group tries to deal with debt.
BL report also quoted sources as saying that the group is not making any attempt to retain the people who want to leave.
