Spicejet Plans to Let Go of 15% of Its Staff, Citing a “Turnaround” Strategy.

SpiceJet, a private airline, plans to lay off 1,400 employees, or 15% of the total workforce. The statement said this was part of the company’s “transformational, cost-cutting strategy.”

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Spicejet Plans to Let Go of 15% of Its Staff, Citing a “Turnaround” Strategy.

SpiceJet, a private airline, plans to lay off 1,400 employees, or 15% of the total workforce. The statement said this was part of the company’s “transformational, cost-cutting strategy.”

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SpiceJet, the low-cost airline, announced on Monday that it has begun implementing various steps to cut staff with the aim of saving 1 billion rupees ($12 million) annually.

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According to a report by ET on Monday, the company plans to lay off these employees to save costs and maintain investor interest.

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As of 1:45 p.m., benchmark indices were down 0.70 percent, while shares of SpiceJet were losing around 4%.

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A Spicejet representative stated, “We anticipate annual savings of up to Rs 100 crore through this initiative alone.

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At the moment, the airline employs 9,000 people and runs roughly 30 aircraft. Eight of these, along with the crew and pilots, are on wet lease from foreign carriers.

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