Rediff.com  » Business » Moser Baer has no plans for layoffs

Moser Baer has no plans for layoffs

Source: PTI
November 18, 2008 16:51 IST
Get Rediff News in your Inbox:
Optical storage device maker Moser Baer on Tuesday said it has no plans to lay off workers following the current slowdown, which hit the company's bottom line last quarter.

"We are cutting costs further to the bare bones but we are not going in for layoffs," Moser Baer India chairman and managing director Deepak Puri said.

 Moser Baer currently employs over 7,500 people.  With worldwide optical media prices falling, Moser Baer India posted a net loss for the second quarter ended September 30 at Rs 41.84 crore (Rs 418.4 million), whereas it had a net profit of Rs 3.27 crore (Rs 32.7 million) for the same period last year.

When asked whether the company's margins had come under pressure due to the global financial crisis he said, "We are still making cash profits in the optical media and photo voltaic business ... there is an issue today because of the worldwide optical media prices, which had fallen but they are increasing right now."

"With the current volatile situation today we are still trying to rework the investment ... in fact at one point we thought we will put in all the investment together but now we are considering if this can be done on a step-wise basis," he said.

 Moser Baer offers products and services such as optical storage media, photovoltaic cells like crystalline silicon cells and modules, entertainment and IT peripherals, and consumer electronics.

Moser Baer earlier this year had said that it will invest over Rs 2,000 crore (Rs 20 billion) in Tamil Nadu in setting up a facility to manufacture silicon-based photovoltaic thin film modules and allied products. The plant will be operational by the middle of next year, he added.

Global meltdown: Complete coverage
Get Rediff News in your Inbox:
Source: PTI© Copyright 2023 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!