Quark City retrenches 100 more jobs at IT SEZ project

Quark City retrenches 100 more jobs at IT SEZ project

Chandigarh: Quark City India, the developer of IT special economic zone in Punjab, has terminated services of 100 more employees, including engineers, taking the total number of job cuts at the project to 400.

“Services of hundred more employees have been terminated yesterday," QuarkCity India Pvt Ltd spokesman Gurmohan Singh said.

With the fresh cut in headcounts, the total job loss at its project has reached 400.

However, the company did not reveal its total employee strength at the project.

The company had earlier announced 100 jobs cuts at the project citing adverse impact of global turmoil on country’s real estate sector.

This time around, the company has even asked engineers to leave the project. “Yes, we have laid off some white-collar jobs although they constitute negligible share in total job cuts," Gurmohan asserted.

The company has handed over pink slips mainly to contract labourers and daily wagers who have been working on this IT project for the last 2-3 years.

The company has reportedly been forced to take slash jobs because of the economic slowdown in the US, affecting the US-based real estate company QuarkCity LLC, the main investor in the Mohali project.

QuarkCity LLC had announced to set up the tax free zone along with mega project (non-SEZ project) for IT sector at a total investment of Rs3,600 crore through FDI route couple of years back.

The company is setting up offices, commercial and residential complex, among others. The SEZ project is expected to create more than 7,000 jobs.