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Apollo Tyres to shed 1500 jobs, sees strong FY09

Apollo Tyres to shed 1500 jobs, sees strong FY09
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First Published: Thu, Feb 12 2009. 11 00 AM IST
Updated: Thu, Feb 12 2009. 11 00 AM IST
New Delhi: Apollo Tyres Ltd on Thursday said it plans to cut about 1,500 jobs, but added that it expects fiscal 2009 sales and profit will have improved.
“The process has already started and we will shed about 1,500 jobs out of a total employee strength of about 10,000 employees,” chairman Onkar Kanwar said.
We will be doing better than the industry average...19%,” Kanwar said referring to sales expectations for FY09.
The firm’s profits for this fiscal will also be “better than before”, he said on the sidelines of an industry conference.
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First Published: Thu, Feb 12 2009. 11 00 AM IST
More Topics: Apollo | Tyres | Economy | Corporate | Corporate News |