Faced with economic challenges, engineering major Larsen & Toubro (L&T) has laid off 14,000 employees across businesses during April—September period this year, saying it was necessary to stay “agile and competitive“.
“It was a strategic decision that if a business is not in good shape, we are trying to resize it. If there is time to get the business back to normality, it is important to reduce the under-recoveries. So, the jobs that we are finding redundant, we are allowing people to move on,” company’s Chief Financial Officer R Shankar Raman said.
Without giving specifics of the different verticals in which the layoffs happened, Mr. Raman said, “Financial services have defocused on certain lines of businesses and let go a lot of people. Same is the case in minerals and metals.”
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