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Mahindra And Mahindra Ltd Begins To Costs Jobs In Auto Sector-Business Standard


Monday, 15 Jul 2013 09:22am EDT 

Business Standard reported that Mahindra And Mahindra Ltd has laid off 500 temporary workers as production dipped at its manufacturing plants at the backdrop of rising inventory levels. Last week the company announced production holidays ranging from 1 to 8 days during the remaining period of this month at its plants to avoid pile up of inventory and keep production in line with retail demand. The Company has also signalled that the INR5 billion capital expenditure lined up for this year and next two years may get postponed by 1-2 years as existing capacities will take more time to reach peak levels. The Company is however yet to take a concrete call on this.