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Lanco Infratech Ltd Trimming Staff By 20% To Reduce Cost-Business Line

Monday, 22 Apr 2013 08:00pm EDT 

Business Line reported that Lanco Infratech Ltd, which has interests in power, engineering, procurement and construction (EPC), infrastructure and natural resources, is cutting down workforce by nearly 20%. This is part of the consolidation strategy to save cost, said L. Madhusudhan Rao, Executive Chairman. Lanco has been incurring financial losses on lower margins, capitalisation and soaring interest charges. He, however, did not divulge any target to save cost by reducing employees. The Company is seen reducing employee cost by 7%-10%every quarter. Till last year, the Company had employed nearly 7,000. It has come down to about 6,000 and another 500-600 employees may face the risk of losing their jobs. 

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