Unitech lays off 10% employees

The country’s second largest realty firm, Unitech, has reduced its workforce by about 10 per cent, out of a total of 1,700 employees, as part of its cost-cutting measures.

Besides downsizing employees strength over the last 4-5 months, the company is also not filling up vacancies, which were left empty in the process of normal attrition.

“Our normal attrition is there. Naturally, we are not looking for replacements... And we have let go trainees in over a period of 4-5 months,” Unitech Chairman Ramesh Chandra said. The company’s current rate of attrition is about 15-20 per cent annually, he added.

Asked about the number of people that the company has fired, he said: “It is to the extent of 10 per cent of total workforce of 1,700 people.” He, however, said the company has not cut salaries of its employees as yet.

Besides, Unitech has also shifted some employees to its newly-formed telecom venture from the real estate business.

“Our telecom company’s requirement is very large. We have transferred some people from Unitech to Unitech Wireless (the telecom subsidiary),” Chandra said without giving details.