SpiceJet to layoff 1400 employees, nearly 15% of work force
Earlier, the company reported getting fund infusion of Rs 2000 crore but some investors are yet to respond.
Airlift carrier SpiceJet has set to lay off 1400 employees, comprising nearly 15% of its workforce to cut costs and retain investor interest. The cash dearth has significantly intended to lower the budget precisely.
Currently, the board has 9000 employees and operates about 30 planes. Out of these, eight are wet-leased from foreign carriers, along with crew and pilots. The company has confirmed the job losses. As per the information extracted, Staff cuts have become necessary because of the carrier’s Rs 60 crore salary bill pending. Earlier, the company reported getting fund infusion of Rs 2000 crore but some investors are yet to respond.
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In 2019, the company was estimated to have a fleet of 118 planes and 16,000 employees. For FY23, the company posted net losses of Rs 15.0 billion. The market capitalization is about 4255 crore as of January, 2024.Read Also : NTPC Wins 23rd Inter CPSU Cricket Tournament
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