India : Bombay Dyeing To Halve Workforce, Exit Bombay
Bombay Dyeing, a prominent feature of downtown Bombay for a century, is likely to move many of its production facilities out of the city, and eliminate half its workforce in the process. The textiles and petrochemicals conglomerate has announced that it is looking to cut its employee numbers from the current 5500 to 2250. Despite having a fabric capacity of 112 million square meters and 121 thousand spindles, Bombay Dyeing has been downsizing steadily for the last decade or so, although the number of people leaving the company on an annual basis has been made up of those on the 'Voluntary' Retirement Scheme' and those reaching natural retirement. But this latest news suggests that under current managing director Arvind Sarin the company is heading for drastic surgery.
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