Apollo Tyres to layoff 1500 jobs

Apollo Tyres plans to cut about 1,500 jobs,but it expects 2009 profit to have improved.

Written by Reuters | New Delhi | Published: February 12, 2009 10:34:20 am

Apollo Tyres 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 per cent,” 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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