Hurt by the prolonged slowdown in the auto industry, Tata Motors will offer a voluntary retirement scheme to a section of employees as it looks at rationalising costs.
The company, which today announced a truck racing series for the first time in India to be held in March, also said it is investing Rs 3,000 crore on product development in FY14.
"The industry as well as India is going through a rather protracted downturn. Therefore, there are lots of things out there to enable us, ensure our structure is suitable. Voluntary retirement scheme (VRS) allows those people to move on with our support," Tata Motors Managing Director Karl Slym told reporters here.
Asked how many employees would be offered the VRS, he said it would be a "very minor" number.
In December, domestic car sales declined 4.52 per cent from a year earlier to 1,32,561 units. Tata Motors' sales fell about 42 per cent to 6,537 units last month.
Total sales of commercial vehicles were down 25.53 per cent to 46,757 units. The company's commercial vehicle sales dropped 45.83 per cent to 25,738 units. Read more..
The company, which today announced a truck racing series for the first time in India to be held in March, also said it is investing Rs 3,000 crore on product development in FY14.
"The industry as well as India is going through a rather protracted downturn. Therefore, there are lots of things out there to enable us, ensure our structure is suitable. Voluntary retirement scheme (VRS) allows those people to move on with our support," Tata Motors Managing Director Karl Slym told reporters here.
Asked how many employees would be offered the VRS, he said it would be a "very minor" number.
In December, domestic car sales declined 4.52 per cent from a year earlier to 1,32,561 units. Tata Motors' sales fell about 42 per cent to 6,537 units last month.
Total sales of commercial vehicles were down 25.53 per cent to 46,757 units. The company's commercial vehicle sales dropped 45.83 per cent to 25,738 units. Read more..
Source: Latest Automobile News
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