Infrastructure firm Lanco Group has cut down half of its total workforce over the last 12-15 months owing to market slowdown. The company, which is weighed down by a consolidated net debt of Rs 34,770 crore as on June, 2013, handed over pink slips to nearly 4000 employees, with the number aggregating to 400 alone during April and June, 2013. During 2012-13, the company reduced its employee expenses, including recruitment and training, to Rs 632 crore as against Rs 736 crore a year ago.
Further, Lanco Infratech, the holding company of the Group, is currently in the process of corporate debt restructuring for its standalone debt worth Rs 7,500 crore. Lanco’s consolidated net loss widened to Rs 1,073 crore for the year ended FY13 compared to a net loss of Rs 112 crore a year ago. The net loss in FY13 was despite the company reporting a 25 per cent rise in its income.
