Voltas Ltd will come out with one more voluntary retirement scheme (VRS) next month to downsize staff by 1,000.
S N Tripathi, executive director of the company, said: "This will make us more efficient and a lean organisation."
He said the previous scheme pared the staff strength to 5,200 from over 10,000 in 1997-98. He added that the company will be offering one more VRS.
Tripathi said the company was on growth path and the restructuring exercise taken up in the last 2-3 years has yielded results.
"But for the VRS cost charged to the profit and loss account, our bottomline would have gone up much better," he said. The company posted a net profit of Rs 5.5 crore on a turnover of Rs 1,235 crore in 2000-01.
Tripathi said that the company had amortised the VRS expenditure of Rs 22 crore in 2000-01 compared with Rs 11 crore in the previous fiscal. This year, it will be even higher, he added.
Tripathi said the company has identified cooling appliances and electro-mechanical projects businesses as major growth areas. "Under electro-mechanical projects division, we will be soon getting a major foreign contract of ship air-conditioning," Tripathi added.
