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India's Biggest-ever Layoff: 14,000 jobs cut!
By: Tupaki Desk | 23 Nov 2016 1:21 PM GMT
Larden & Toubro (L&T), India's largest engineering firm, has cut 14,000 out of 1.2 lakh of its employees in this financial year to overcome the business slowdown. This amounts of 11.2% of its total workforce.
Heavy competition in the Domestic Market and fall of oil prices in the Middle East has affected L&T's business. The massive layoff is being seen as a correction and this move would certainly reduce the financial burden.
Aiming for Rs 5 lakh crore revenue in the next 5 years, A Strategic Plan has been prepared by Larden & Toubro. Non-Performing Firms have been shut down and a call on reviving them will be taken in the next 18-24 months.
In the first half of Financial Year 2016-17, L&T revenue increased only 8.6% (Rs 46,885 crore). The profit raised to Rs 2,044 crore against Rs 1,197 crore last year.
Heavy competition in the Domestic Market and fall of oil prices in the Middle East has affected L&T's business. The massive layoff is being seen as a correction and this move would certainly reduce the financial burden.
Aiming for Rs 5 lakh crore revenue in the next 5 years, A Strategic Plan has been prepared by Larden & Toubro. Non-Performing Firms have been shut down and a call on reviving them will be taken in the next 18-24 months.
In the first half of Financial Year 2016-17, L&T revenue increased only 8.6% (Rs 46,885 crore). The profit raised to Rs 2,044 crore against Rs 1,197 crore last year.
