The company, which is bidding for 16 road projects worth Rs 10,000 crore (Rs 100 billion) this year from the National Highways Authority of India under the public-private-partnership model, intends to invest the money in the form of equity to set up special purpose vehicles to execute new road projects.
It is not clear which groups of the Indian operations have been affected by the cuts which are learnt to have been carried out across diverse functions. However, a company source said that a sizeable number of Microsoft's sales and support personnel in Hyderabad and a few in Bangalore were among those affected. The Response Windows team has also been dismantled completely, the source claimed.
A spokesperson attached to GE's Jack Welch Research Center in Bangalore said after the new people join, employee numbers in Bangalore would cross the 4,500-mark. GE's technology product research and development team is currently 3,800-people strong, with an additional 350 people employed in global research.
"Employees who have been consistently demonstrating poor performance were counselled out. Less than 1 per cent of our 11,250 employees in Chennai and 11,496 employees in Hyderabad have been impacted. As for the Thiruvananthapuram centre, less than 1 per cent of the 1,800 employees were impacted," said Mohandas Pai, member of the board, director, human resources, Infosys Technologies.
IT services provider MindTree Consulting is restructuring salary offers to its trainees over an 18-month period by staggering payments and linking these to tenure. The plan will be applicable to 250 freshers who joined the company in March this year. Another 250 people are expected to join in October this year.
Infosys is recruiting 18,000 people in 2009-10 compared with 28,231 a year ago and will freeze wages to rein in costs. Of the 18,000 new recruits, about 2,000 will be lateral hires, with the rest being freshers. "Our offer letters have gone out over two-and-a-half months ago and we expect most of the new employees to join soon. The conversion rate will be 80 per cent," said HR Director TVM Pai. He ruled out any revision of the salary offers to freshers.
The company has told its employees that there won't be wage hikes for the financial year ending July 31, 2009, due to tight demand in the US and Europe, declining volumes and the need to further tighten expenses across business divisions. In a harsher step, the company has slashed retainer bonus, which averages 10 per cent of an employee's salary, from April 1. Travel allowance has been sharply reduced, if not curbed, in most cases.
iGate had in a statement on Friday evening said that it had dropped its bid for Satyam on 'further analysis'. Clarfying his stand last week that iGate would be keen to bid for Satyam at an offer price of below 90 cents a share, Murthy said, "Had we decided to pursue the bid, the share price would have had no bearing on our offer price as we would have bid at a price we thought was a fair valuation."
The company is said to be cutting back on recruitment for its consulting and services divisions and postponing expansion as it struggles to cut costs in a worsening global economic climate. Accenture employs around 40,000 people in India.
Terminates services of over 600 contract workers in February.
HP employs around 60,000 people in India, including former employees of EDS, which it had acquired for $13.2 billion in May last year. However, a good number of EDS India employees who were transferred to HP India will not be so lucky, industry sources said. "HP CEO Mark Hurd's plan to effect pay cuts between 2.5 per cent and 5 per cent will affect all EDS employees who were moved to HP," an industry source added.
Former India cricket captain, Kapil Dev Nikanj,on Monday entered into a marketing agreement with South Africa-based Enviro-Light Technologies, promoted by former South African captain Clive Rice to launch eco-friendly street lights in India.
Anticipating weakening demand from the US market, coupled with pricing and margin pressures in the fourth quarter of the current financial year, Infosys Technologies will look at slashing variable pay-out to its employees.
Come January, employees of IT services company MphasiS could be in for an off-schedule New Year surprise -- a 20-40 per cent salary cut across the board.
India's largest passenger car maker, which witnessed around 4 per cent growth in its sales to touch 410,120 units during April-October 2008 compared to the year-ago period, has seen considerable success in attracting new customers through a multi-pronged strategy, including aggressive marketing campaign aimed at rural markets, corporate customers and central government employees and certain cost-cutting measures.
Having successfully completed the $13.9-billion acquisition and merger of IT consultancy EDS a few months ago, IT services giant Hewlett-Packard is now taking steps to integrate both organisations.
The bank, however, plans to raise around Rs 500-600 crore (Rs 5 to 6 billion) to augment its tier-II capital in the domestic market. Union Bank of India, which had planned a rights issue to bolster its capital base, had deferred its plans even before the US financial meltdown started.
Bharat Electronics, the navaratna public sector under the ministry of defence, is planning to recruit 400 engineers additionally during the current financial year to augment its technical capabilities. The move is aimed at keeping in tune with the company's futuristic growth outlook.
The company, which has successfully commissioned the 'open access' fuel storage system for the first time in the country at Bangalore International Airport, has submitted its expression of interest for the projects. Currently, IOC, HPCL and BPCL are providing fuel storage services at Mumbai and Delhi airports.
Apple's next killer application for the iPhone could justify its price-tag among the harshest of critics. The iPhone has had something for every user, but to take social networking to the next level, the services of a Bangalore firm were needed.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances