Vedanta-controlled Bharat Aluminium Company (Balco) Limited has started a voluntary retired scheme (VRS) to shed excess workforce.
This is the fourth time that the Balco management announced VRS for its employees. The Public Sector Undertaking, in which London-based Vedanta has 51 per cent stake, was disinvested in February 2001.
“Of all previous schemes, this one could be the best and offers a more lucrative cover,” Balco’s chief of corporate communications B K Sriwastwa told Business Standard.