News »Browse Articles »
Unitech fires employees, defers projects
0
Unitech fires employees, defers projects
Wed, Dec 3:
Under heavy pressure to repay its mounting debt obligation, falling stock value and to beat negative investor sentiment, real-estate firm Unitech has resorted to cost-cutting by firing trainees and on-probation employees. "We have around 100 trainees and employees on probation", said a highly-placed official of Unitech requesting anonymity.
"We are asking them to leave as our non-residential projects have been deferred." Unitech is India`s second largest publicly traded real-estate company in terms of market value.
It has 1,800 employees on its payroll and a total 3,000, including its subsidiary companies. The firm also has deferred its non-residential projects, especially hospitality.
When contacted, the company spokesperson declined to comment. The debt obligation of Unitech stands at Rs 8,400 crore, of which it has to repay Rs 2,700 crore by March 09.
The present market value of the company has eroded to Rs 3,500 crore from Rs 65,000 crore in January.
Source:
http://in.news.yahoo.com/32/20081203/1059/tbs-unitech-fires-employees-defers-pro
Under heavy pressure to repay its mounting debt obligation, falling stock value and to beat negative investor sentiment, real-estate firm Unitech has resorted to cost-cutting by firing trainees and on-probation employees. "We have around 100 trainees and employees on probation", said a highly-placed official of Unitech requesting anonymity.
"We are asking them to leave as our non-residential projects have been deferred." Unitech is India`s second largest publicly traded real-estate company in terms of market value.
It has 1,800 employees on its payroll and a total 3,000, including its subsidiary companies. The firm also has deferred its non-residential projects, especially hospitality.
When contacted, the company spokesperson declined to comment. The debt obligation of Unitech stands at Rs 8,400 crore, of which it has to repay Rs 2,700 crore by March 09.
The present market value of the company has eroded to Rs 3,500 crore from Rs 65,000 crore in January.
Source:
http://in.news.yahoo.com/32/20081203/1059/tbs-unitech-fires-employees-defers-pro
Search News
News Categories
What's the News?
Post a link to something interesting from another site, or submit your own original writing for the Recruitment community to read.
Most Popular News
-
How to Headhunt the Headhunters??
Published about 04-10-2008 | Rated +2 -
3 Steps to find your perfect candidate
Published about 05-10-2008 | Rated +6 -
Recruitment Strategies
Published about 05-10-2008 | Rated +4 -
5 Interviewing Mistakes That Can Lead To Hiring The Wrong Person
Published about 05-10-2008 | Rated +3
Most Recent User Submitted News
- Parag Patankar appointed as MD and CEO of 3i Infotech BPO
Published about 29-11-2009 | Rated 0 - StanChart to hire 2,000 professionals in 2009
Submitted by Kushagr | Rated 0 - Can you manage candidates salary expectations?
Published about 09-12-2008 | Rated 0 - Oracle to get multi-million dollar deal for Aircel
Published about 29-11-2008 | Rated 0