India's SpiceJet to cut jobs, save $12 mln annually

Hong Kong Economic Times Holdings

12/02/2024 07:40

BENGALURU, Feb 12 (Reuters) - Indian low-cost carrier
SpiceJet  SPJT.BO  said on Monday that it has started adopting
measures to reduce its workforce, aiming to save 1 billion
rupees ($12 million) annually.
    Local business daily Economic Times reported earlier in the
day that the cash-strapped airline would lay off 1,400 staff or
around 15% of its 9,000-strong workforce.
    The carrier, however, did not confirm the number of jobs
being cut.
    SpiceJet said it took the measures as part of its turnaround
and cost-cutting strategy following fund infusion to help in the
revival of its grounded planes.
    The airline, once India's second-largest, has so far raised
7.44 billion rupees as part of a 22.50 billion rupees
fundraising effort by selling shares and warrants.

  

($1 = 83.0040 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru; Editing by Dhanya
Ann Thoppil)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))