Lanco Infratech to reduce workforce by nearly 20%

Lanco Infratech is reducing its workforce by nearly 20%, as a part of the consolidation strategy to save cost. It has been making financial losses on lower margins, capitalization and soaring interest charges. In the first three quarters of 2012-13, it has reported the loss of Rs 990 crore.

It is seen slashing its employee cost by 7-10% every quarter. The entity has reported employee cost at Rs 185.8 crore in the first quarter of 2012-13, which reduced to Rs 167 crore in the second quarter. It was further reduced to Rs 155 crore in the third quarter of the last fiscal year.